CMA Foundation Fundamentals of Laws and Ethics- Indian Contract Act 1872

CMA Foundation Fundamentals of Laws and Ethics- Indian Contract Act 1872

In this Video post, CA/ CMA Foundation aspirants will learn about the Indian Contract Act 1872.- Fundamentals of Laws and Ethics.

 

Basic about Indian Contract Act 1872

The Indian Contract Act is one of our country's earliest mercantile laws. The Indian Contract Act, 1872 was authorized on 25th April 1872 [Act 9 of 1872] and accordingly came into power on the primary day of September 1872. and it applies to the whole country of India, with the exception of Jammu and Kashmir. It is the primary legislation governing contracts in India, with a total of 266 provisions.

 

The Indian Contract Act classifies the manner in which we go into an agreement, execute an agreement and actualize arrangements of an agreement and impacts of break of an agreement. The legally binding limit is confined in specific circumstances else it is the privilege of the person to contract. There are explicit zones that manage the property, portable divine beings, and explicit execution, for example, the Transfer of Property Act, The Sale of Goods Act, and The Specific Relief Act. A portion of these demonstrations was initially a piece of the Indian Contract Act instituted in 1872 however were later classified as discrete laws. Also, the Act isn’t reviewed in nature. Consequently, an agreement went into preceding first September 1872, despite the fact that passing of this Act isn’t hit by this Act. Hence, we show up at the end that the essential system of contracting is shrouded in the Indian Contract Act and it is a significant region of law, with establishes somewhere down throughout the entire existence of development and along these lines shapes the topic of this task of this course of Legal History.

 

VEDIC AND MEDIEVAL PERIOD -LAW OF CONTRACT: INDIA

There was no comprehensive code regulating contracts during the entire outdated and archaic period of mankind's collection of experiences in India. Standards were derived from a variety of sources, including the Vedas, Dhramshatras, Smritis, and Shrutis, which provide a vivid representation of the law-like agreements of those times. Vyavaharmayukha is a piece of legislation that governs contracts.

 

What is a Contract according to Indian Contract Act?

The Indian Contract Act establishes the framework for and validates contracts or agreements between parties. The Contract Act is one of the most important pieces of legislation that governs and oversees all business transactions including a deal or an agreement. A contract is defined in the next section. We'll look at how the 1872 Indian Contract Act defines a contract.

 

Contract Act- Indian Contract Act

In section 2 (h) of the Indian Contract Act, 1872, the term "Contract" is defined as "An arrangement enforceable by law." To put it another way, a contract is anything that is a legal agreement that is enforceable by the law of the land.

We hope you found the information presented in this post to be helpful. Wishing you the best of success with your next examinations! Continue reading about the Indian Contract Act of 1872 or watch our CMA/CA Foundation Fundamentals of Laws and Ethics-Indian Contract Act 1872 video lesson. For more video lectures, see our YouTube channel (CMA Foundation Video/online).

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