Contract Law

Overview of Contract Law

Contract Law

If we analyze the background, the roots of contract law are embedded somewhere in the stone ages, of course, not in the present form. The contracts in earlier systems were recognized through loan, sale, bailment, and pledge. At that time, the oral agreements were a recognized mode of transaction. However, as we have transitioned from the primitive era to the modern societies we see today, the whole concept of business and profit making enlarged and started revolving around contract law for good. In the race of business world which runs on black and white, it has become a practical impossibility to conduct huge and detailed transactions merely on verbal and vague assurances. This is the day when our firm’s best lawyers for contract law are highly sought by big companies and MNC’s so as to safeguard their interest and prevent any damage in course of business. Our team of best lawyers for Contract Law in Chandigarh has put together all relevant information regarding laws governing a contract so as to let common man have a basic understanding which can help him remain on the right side of the law.

Contract law in India is governed by:

  • Indian Contract Act, 1872. The objective of contract act is to ensure that the rights and obligation arising out of contract are honored. Basic principles of the contract are described in section 1 to 75, Indemnity and guarantee are mentioned in section 124 to 128, Bailment is explained in section 148-181, and Agency is described in section 182 to 238. The proposal, promise, and consideration form an agreement. The agreement may be legally enforceable (contract and voidable agreement) or legally not enforceable (void agreement).

How is Contract made?

  1. a) When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal:

(b) When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise:

(c) The person making the proposal is called the ” promisor and the person accepting the proposal is called the It promises “:

(d) When, at the desire of the promisor, the promisee or any other person has a clone or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise.

Breach of contract:

In a case of breach of contract, either of the parties can approach a court and file a suit to enforce the contract. The damages can also be sought in case either of the parties has suffered any loss due to a breach of the contract. The terms and conditions of the contract must be read carefully by both the parties, understood and voluntarily agreed upon it. The contract is voidable if the consent of the party obtained by fraud, misrepresentation, coercion and undue influence. The contract is void if consent has been obtained by mistake. The legal age to enter into the contract is 18 years and any contract made by a minor is void ab-initio (from the beginning).

You can draft a contract yourself but it is always advisable to consult a skilled and reputed lawyer or a law firm which has expertise in contract laws. It shall be kept in mind that once the parties enter into a contract, it becomes binding and is almost impossible to deviate from its terms and conditions without attracting the penalties as under the contract. It happens quite frequently (and majorly in India) that the contracting parties first try to ignore the need of a contract law expert lawyer to review the contract and safeguarding their interest; and later such parties who enter a contract in blind resent their decision in tears and blood. The Best Advocates for contract law have to work as a team with their clients and their forte is to ensure that the clients’ rights are thoroughly protected and the contract they are entering does not in any way defrauds or hampers their interest.

 

Contract Law

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Articles On Contract Law



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Landmark Judgments On Contract Law



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REPORTABLE IN THE SUPREME COURT OF INDIA CRIMINAL APPELLATE JURISDICTION CRIMINAL APPEAL NO. 1277 OF 2014 (@SPECIAL LEAVE PETITION (CRL.) No.9127 of 2013) ARNESH KUMAR ….. APPELLANT VERSUS STATE OF BIHAR & ANR. …. RESPONDENTS J U D G M E N T Ch …

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