CA Foundation Exam > CA Foundation Questions > Indian Contract Act, 1872 is passed by:a)Indi...
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Indian Contract Act, 1872 is passed by:
- a)Indian Parliament
- b)British Parliament
- c)U.S. Congress
- d)None of these
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Indian Contract Act, 1872 is passed by:a)Indian Parliamentb)British Pa...
The Indian Contract Law, 1872 was passed by the British Parliament. It is based on the principles of English Common Law.
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Indian Contract Act, 1872 is passed by:a)Indian Parliamentb)British Pa...
Explanation:
The Indian Contract Act, 1872 was enacted by the British Parliament on 25th April 1872 and came into force on 1st September 1872. It is based on the principles of English Common Law. The Act regulates the contractual relationships between two or more parties in India. It defines the rules and regulations for entering into a valid contract, the performance of the contract, and the remedies available in case of breach of contract.
Objective of Indian Contract Act, 1872:
The main objective of the Indian Contract Act, 1872 is to ensure that the parties to a contract fulfill their obligations and to provide remedies in case of breach of contract. The Act lays down the rules for formation, performance, and enforcement of contracts.
Key Features of Indian Contract Act, 1872:
The key features of the Indian Contract Act, 1872 are as follows:
Conclusion:
In conclusion, the Indian Contract Act, 1872 is a comprehensive legislation that governs the contractual relationships between parties in India. The Act provides a framework for the formation, performance, and enforcement of contracts and ensures that the parties fulfill their obligations. The Act has been instrumental in promoting commercial transactions in India and has played a significant role in the growth of the Indian economy.
The Indian Contract Act, 1872 was enacted by the British Parliament on 25th April 1872 and came into force on 1st September 1872. It is based on the principles of English Common Law. The Act regulates the contractual relationships between two or more parties in India. It defines the rules and regulations for entering into a valid contract, the performance of the contract, and the remedies available in case of breach of contract.
Objective of Indian Contract Act, 1872:
The main objective of the Indian Contract Act, 1872 is to ensure that the parties to a contract fulfill their obligations and to provide remedies in case of breach of contract. The Act lays down the rules for formation, performance, and enforcement of contracts.
Key Features of Indian Contract Act, 1872:
The key features of the Indian Contract Act, 1872 are as follows:
- It defines the various types of contracts such as express, implied, void, and voidable contracts.
- It specifies the essential elements of a valid contract, such as offer, acceptance, consideration, and intention to create a legal relationship.
- It provides for the capacity of parties to enter into a contract, including minors, persons of unsound mind, and others.
- It specifies the rules for performance and discharge of contracts, including the rights and obligations of parties.
- It provides remedies for breach of contract, such as damages, specific performance, and injunctions.
- It lays down the rules for the interpretation of contracts, including the rules of construction and the rules of evidence.
Conclusion:
In conclusion, the Indian Contract Act, 1872 is a comprehensive legislation that governs the contractual relationships between parties in India. The Act provides a framework for the formation, performance, and enforcement of contracts and ensures that the parties fulfill their obligations. The Act has been instrumental in promoting commercial transactions in India and has played a significant role in the growth of the Indian economy.
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Indian Contract Act, 1872 is passed by:a)Indian Parliamentb)British Pa...
Because at time of formation british govrnment exist also it is called had india because formed in india that why it is infian parlimament
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Indian Contract Act, 1872 is passed by:a)Indian Parliamentb)British Parliamentc)U.S. Congressd)None of theseCorrect answer is option 'A'. Can you explain this answer?
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