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Indian Contract Act 1872 Detailed Notes

The Indian Contract Act, 1872 governs contracts in India and is divided into General Principles and Special kinds of contracts. Key essentials for a valid contract include offer and acceptance, free consent, lawful consideration, and the competency of parties. The Act also outlines types of contracts, breach of contract remedies, and significant case laws that shape contract law in India.

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5 views2 pages

Indian Contract Act 1872 Detailed Notes

The Indian Contract Act, 1872 governs contracts in India and is divided into General Principles and Special kinds of contracts. Key essentials for a valid contract include offer and acceptance, free consent, lawful consideration, and the competency of parties. The Act also outlines types of contracts, breach of contract remedies, and significant case laws that shape contract law in India.

Uploaded by

khushiglahoti
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Indian Contract Act, 1872 – Essentials & Types

1. Introduction
The Indian Contract Act, 1872 defines and governs contracts in India. It is divided into two
parts: General Principles (Sections 1–75) and Special kinds of contracts (e.g., contract of
indemnity, guarantee).

2. Essentials of a Valid Contract [Section 10]


- Offer and acceptance

- Free consent

- Lawful consideration and object

- Competency of parties

- Not declared void

- Legal relationship intention

3. Offer and Acceptance


- Offer [Section 2(a)]: Proposal made by one party.

- Acceptance [Section 2(b)]: When the offer is accepted.

- Communication rules: Effective when communicated.

4. Types of Contracts
- Valid, Void, Voidable

- Express and Implied

- Executed and Executory

- Unilateral and Bilateral contracts

5. Free Consent [Section 13-19]


Consent is free when not caused by:

- Coercion, Undue Influence, Fraud, Misrepresentation, Mistake.

6. Breach of Contract and Remedies


- Compensation for loss/damages [Section 73]

- Specific performance (under Specific Relief Act)


- Rescission and restitution

7. Important Case Laws


- Carlill v. Carbolic Smoke Ball Co. (1893)

- Lalman Shukla v. Gauri Dutt (1913)

8. Conclusion
Understanding contract law is essential for all legal and commercial dealings.

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