BUSINESS LAW FOR FIRST YEAR-INDIAN CONTRACT ACT

INDIAN CONTRACT ACT
Passed and implemented  to control different commercial and business contracts.It is applicable to whole of India except the State of J and K.
It deals with general principles and only provides rules and regulations for purpose of contract.
It doesn't list any rights and liabilities. They are decided by the parties themselves.
SOME TERMS APPLICABLE
Contract- Agreement enforceable by law is a contract Sec 2H

 Agreement; Every promise and every set of promises forming consideration for each other Sec 2E

 Promise: Proposal when accepted becomes a promise Sec 2B

 Proposal: When one person conveys another person the willingness to do, or abstain from doing anything with a view to obtaining anything with a view to obtaining the assent of that other to such an act or abstinence, it is a proposal.IT IS ALSO CALLED AN OFFER Sec 2 A

 Void Agreement: Agreement not enforced by law Sec 2G

 Voidable Contract: Agreement enforceable by law at the option of one or more parties to the contract but not at the option of others Sec 2I  

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