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  • A contract does not have a retrospective eff ect but has a prospective effect
  • The Indian Contract Act got its assent on 25th April 1872
  • ƒThe Indian Contract Act came into force on 1st September 1872
  • ƒPromise = Proposal by one person + its acceptance by another person
  • ƒContract = An Agreement + Enforceability
  • ƒA contract creates jus in personam, not jus in rem
  • ƒAll contracts are agreements but all agreements are not contracts
  • ƒConsensus ad idem refers to meeting of minds
  • ƒAll illegal agreements are void but all void agreements are not necessarily illegal

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