INTRODUCTION TO THE LAW OF CONTRACT
Introduction ● Prior to this law, English law of contract was followed in India. ●This law was Enacted on 1st day of September ,1872. ●The Indian Contract Act ,1872 is applicable to whole India. ●It has XI chapters and 238 sections. ●Law of contract creates jus in personem and not jus in rem. ●The Indian Contract Act consists of the following two parts: (a) General principals of the Law of Contract. (b) Special kinds of contracts. ●The general principals of the Law of Contract are contained in Sections 1 to 75 of the Indian Contract Act. These principles apply to all kinds of contracts irrespective of their nature. ●Special contracts are contained in Sections 124 to 238 of the Indian Contract Act. These special contracts are Indemnity, Guarantee, Bailment, pledge and Agency. Contract as Defined by Eminent Jurists : POLLOCK - “Every agreement and promise enforceable by law is a contract.” HALSBURY - “A Contract is an agreement between two or more pe