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Contract 1

This document provides an overview of contract law in India. It discusses the concept and need for contracts, traces the history and development of contract law from a global and Indian perspective, and notes the significance of contracts in commercial societies. Key aspects of contract law covered include the drafting of contracts, differences between contract and tort law, remedies for breach of contract, and the Indian Contract Act of 1872 which codified contract law in India.

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Suyogya Awasthy
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61 views20 pages

Contract 1

This document provides an overview of contract law in India. It discusses the concept and need for contracts, traces the history and development of contract law from a global and Indian perspective, and notes the significance of contracts in commercial societies. Key aspects of contract law covered include the drafting of contracts, differences between contract and tort law, remedies for breach of contract, and the Indian Contract Act of 1872 which codified contract law in India.

Uploaded by

Suyogya Awasthy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

LAW OF

CONTRACTS I
THE CONCEPT OF CONTRACT
WHY WE NEED
CONTRACT???
NEED OF A CONTRACT = A SIGN OF
DISTRUST

ELIMINATE THE
PROBLEMS
GENESIS AND HISTORY OF THE
CONCEPT OF CONTRACT LAW:
GLOBAL PERSPECTIVE

Product of business civilization

Modern contract law is a


creature of 19th century

INDUSTRIALIZATION
HISTORY IN INDIA
Hindu law and muslim
law
Indian law commission
1855
Finally 1872 Indian
Contract Act 1872
SIGNIFICANCE OF CONTRACT IN A
COMMERCIAL DEVELOPING
SOCIETY

Voluntary agreements
becomes impractical and
unworkable without a
contract.
IMPORTANCE OF A WRITTEN
CONTRACT
DRAFTING OF
CONTRACT
SANCTITY OF EFFICIENT BREACH
CONTRACT THEORY

Once parties duly A general idea that


enter into a contract parties should feel free
they must honor tobreach of
their obligations contractand
under that contract paydamages, so long
as this result is more
economicallyefficientth
an peforming under the
contract.
DIFFERENCE BETWEEN TORT LAW
AND CONTRACT LAW
Q1: A has obtained a water drum from B
on a contract with a condition to return it
within two days. A has not delivered
water drum to B after two days

Q2: A is the car owner. B has taken As


car on hire. There is a contract between
A and B. From B , C has taken the car
and damaged it.
INDIAN CONTRACT ACT, 1872- came into
force on 1st sept, 1872
Whole of india except jammu & kashmir
XI chapters
ICA,187
2

Special
General contract
principle s
s (1-75) (124-
238)

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