Mullas : The Indian Contract Act, 1872 And Tenders

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Mullas : The Indian Contract Act, 1872 And Tenders

Author Mulla
Publication Date 2022 (Reprint 2024)
ISBN 9789388918404
Format
Hardcover, 2 Vols
Publisher Delhi Law House

 

The Law of Contract is a fundamental component of Mercantile and Commercial Law, serving as the foundation of modern business operations. It impacts all sectors, including trade, commerce, and industry. Over time, the law has evolved to align with economic and technological advancements. A pivotal transformation occurred after the Industrial Revolution, shifting the focus from individual bargaining to standardized contracts in mass production, such as railroad tickets, insurance agreements, sales contracts, and mail orders. Furthermore, the advent of electronic contracts and the internet has revolutionized global business transactions, introducing new legal challenges as traditional principles are applied to the digital age.

The rapid growth of information technology has created unprecedented opportunities in commerce, transforming the world into a global village. These advancements benefit not only developed nations but also open vast possibilities for developing countries. Under the Indian Contract Act, 1872, a contract arises when a proposal is accepted, forming a promise. When supported by consideration, this promise becomes an agreement, and an agreement enforceable by law constitutes a contract. Despite the extensive changes brought about by information technology, the fundamental principles of contract law have remained consistent over the past century, adapting to new realities.

A contract is essentially an agreement between two or more parties intended to be legally enforceable. It involves the acceptance of an offer to perform or refrain from performing an act. The Indian Contract Act, 1872, addresses general principles and special contracts, encompassing the rights, duties, and obligations of contracting parties. These provisions facilitate transactions ranging from daily activities to complex multinational business dealings. The Act grants rights in personam, meaning contractual rights can only be enforced between the involved parties, not against third parties or the public at large. Enforcement of these rights must be reasonable, as courts aim to avoid artificial or impractical interpretations of contractual terms.

When a contract is formed, it creates binding obligations that parties must fulfill according to the agreed terms. A breach of contract occurs when a party fails, refuses, or is unable to meet their obligations. In such cases, the aggrieved party has the right to rescind the contract. Actual breach happens when a party fails to perform or explicitly refuses to perform on the due date.

This edition provides a comprehensive overview of contract law, incorporating key cases, modern developments, and a detailed subject index for easy reference.

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ISBN: 9789388918404
 
 

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