Articles by Sayam

Different Types of Contract Under Indian Contract Act 1872. The Indian Contract Act 1872 is the main law that governs contracts in India. It defines a contract as an agreement enforceable by law. Not all agreements are contracts, only those that create legal obligations between the parties are contracts. The Act also classifies contracts into different types based on their validity, formation, performance, and nature. Here are some of the common types of contracts under the Indian Contract Act 1872.

Consideration is one of the essential elements of a valid contract under the Indian Contract Act, 1872. It refers to the benefit or interest that one party receives or expects to receive from another party in exchange for a promise or an act. Consideration can be in the form of money, goods, services, forbearance, or anything else that has some value in the eyes of the law. Consideration is one of the essential elements of a valid contract under the Indian Contract Act, 1872.

The Indian Contract Act, 1872 is one of the oldest laws in India that governs the formation and enforcement of contracts. A contract is an agreement between two or more parties that creates legal obligations and rights. For a contract to be valid and enforceable, it must have certain essential elements. These elements are: