BUY INDIAN CONTRACT ACT I WITH SPECIFIC RELIEF ACT TAMIL SWAMIRAJ | இந்திய ஒப்பந்தச் சட்டம் I மற்றும் குறித்த வகை நிவாரணச் சட்டம் சுவாமிராஜ் (தமிழ்) | WILLIAM AND WILBERT PUBLICATION | LATEST EDITION | 2025 | BEST BOOK FOR LAW STUDENTS |
governs the law of contracts in India and is the principal legislation regulating contract law in the country.
It is applicable to all states of India. It outlines the circumstances under which promises made by the parties to a contract become legally binding. Section 2(h) of the Act defines a contract as an agreement that is enforceable by law.
An agreement must be supported by a lawful consideration on both sides. Essentials of valid consideration must include:-
- It must move at the desire of the promisor. An act constituting consideration must have been done at the desire or request of the promisor. If it is done at the instance of a third party or without the desire of the promisor, it will not be good consideration. For example, “A” saves “B”‘s goods from fire without being ask him to do so. “A” cannot demand payment for his service.
- Consideration may move from the promisee or any other person. Under Indian law, consideration may be from the promisee of any other person i.e., even a stranger. This means that as long as there is consideration for the promisee, it is immaterial who has furnished it.
- Consideration must be an act, abstinence or forbearance or a returned promise.
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