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Introduction to Indian Contract Act

  • Law related to contracts in India is contained in the Indian Contract Act, 1872, which was passed by British India and is based on the principles of English Common Law
  • The Indian Contract Act, 1872 received its assent on 25th April 1872 and came into force on 1st September 1872
  • This act applies to the whole of India except the State of Jammu and Kashmir
  • At its formation, it contained 266 sections
  • Later, in 1930, Sec. 76 to 123 were separated to form the Sale of Goods Act and in 1932, Sec. 239 to 266 were separated to form The Indian Partnership Act
  • Presently, Sec. 1 to Section. 75 deal with the general principles of contract, whereas Sec. 124 to Sec. 238 deal with bailment, pledge, indemnity, guarantee and agency
  • The Indian Contract Act does not have a retrospective effect. Retrospective means relating to the past

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