The India Contract Act 1872 CA Foundation Business Law One Shot | CA Gurpreet singh π #vishwasca
VishwasCAγ»2 minutes read
The Indian Contract Act governs contracts in India since 1872, covering concepts like offers, acceptance, promises, and considerations, with specific rules for different types of offers and acceptances. Contracts require valid consideration, including actions or promises exchanged between parties, as outlined in various examples and legal scenarios in the text.
Insights
- The Indian Contract Act came into effect in September 1872, applicable throughout India and covered under the CA Foundation syllabus.
- Concepts within the Act include offer, acceptance, promise, consideration, and various types of contracts like general, special, cross, and counter offers.
- Acceptance must be absolute, unqualified, and communicated within a specified time frame to form a binding contract, following prescribed modes.
- Consideration in contracts involves promises and exchanges, must be real, lawful, and move at the desire of the promise, crucial for contract validity.
- Exceptions to contract rules include the Doctrine of Privity of Contract, Children's Trust, and acknowledgment and estoppel, allowing third-party enforcement and unique legal scenarios.
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Recent questions
What is the Indian Contract Act?
The Indian Contract Act applies to all of India and covers concepts like offer, acceptance, promise, consideration, and contracts. It came into effect in September 1872 and is part of the CA Foundation syllabus.
What is an offer in a contract?
An offer is a proposal expressing a willingness to do or not do something. It can be general, specific, or a standing offer, and must be capable of creating a legal relationship to be valid.
How is acceptance defined in contracts?
Acceptance is the agreement to the terms of an offer, creating a binding contract. It must be absolute, communicated within a specified time frame, and follow the prescribed mode of acceptance.
What is consideration in a contract?
Consideration is the exchange of promises between parties, involving doing or abstaining from doing something. It must move at the desire of the promise and be real, not illusory or unlawful.
What are the exceptions to the Doctrine of Privity of Contract?
Exceptions to the rule that only parties to a contract can sue each other include the Children's Trust exception, family settlements, and assignment of contracts. These allow third parties to enforce rights under specific circumstances.
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