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Introduction
It is common knowledge that in business transaction quite often promise es are made at one time and the performance follow later. In such a situation if either of the parties were free to go back on its promise without incurring and liability , there would be be endless complications and it would be impossible to carry on trade and commerce. hence the law of contract was created which lays down the legal rules relating to promises; their formation, their performance and their enforce ability law.
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Scheme of the act: The scheme of the act may be divided into two main groups:
1. General principal of the law of the contract ( sec. 1-75 )
2. Specific kinds of contracts, viz;
(a). contracts of indemnity and guarantee ( sec. 124-147 )
(b). contracts of ailment and pledge ( sec. 148-181 )
(c). contract of agency ( sec. 182-238 )
before 1930 the act also contained provision relating to contract of sale of goods and partnership. sections 76- 123 relating to sale of goods were repealed in 1930 and a separate act called the relating to sale of goods act was enacted. similarly , sections 239-266 relating to partnership were repealed in 1932 when the Indian partnership act was passed.
Introduction
1. The nature and kind of contract 1st sep. 1872
2. Extends to whole of the Indian experts jammy and Kashmir
DEFINITION OF THE TERM CONTRACT
Contract is defined by sections 2 (h) of the Act as " an agreement enforceable by law".
*This definition has two distinct parts. first there must be an agreement.
secondly, such an agreement must be enforceable by law.
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Agreement: As per section 2 (e) "every promise and very set of promises, forming the consideration for each other, is an agreement". In impale terms, a proposal, when accepted becomes a promise."
* An agreement, therefore, comes into existence only when one party make a promises, offer to the other party and that other party signifies his accent (i.e. gives his acceptance) thereto.
* In short, an agreement is the sum total of 'offer' and 'acceptance'.