49. THE INDIAN CONTRACT ACT, 1872


This Act deals with the nature of contract and their performance and remedies in case of their breach.

A contract is an agreement made by free consent of parties, which are competent to contract. The contract should be for lawful consideration with lawful object.

Contract which are common in business and trade like indeinity guarantee and bailment are also dealt in this Act.

The Act also has detail provisions regarding contract between a person (Principle) and his Agent. The meaning of principal and Agent is also given.

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