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Mulla The Indian Contract Act

The first six chapters of the Act contain the general principles of the law of contract. The remaining chapters refer to particular contracts arising out of the ordinary transactions of merchants and traders. The preliminary section 2 professes to be merely terminology but in effect it declares substantive law and embodies some of the principles of the English common law.

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K . S . Shavaksha

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Intiya oppantac caṭṭam




N . M . Tripathi Private Ltd

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Thus a promise arises out of the acceptance of an offer or proposal, and an agreement is a promise or a set of reciprocal promises, Consideration is an act or abstinence of the promise to do or not to do something the promise wants done or not done. The section then classifies agreements as (1) void or not enforceable by law, (2) voidable contracts enforceable by one party only, and (3) contracts enforceable by both parties.
Chapter I refers to the formation of contracts. It sets out rules for the offer and acceptance and revocation of proposals. A proposal or acceptance may be express or implied, expressed in words spoken or written or implied from con- duct. A proposal remains open until it has been accepted, or if the parties are at a distance, until the acceptor has posted his acceptance-until then is can be revoked. If the parties are at a distance the acceptor may revoke his acceptance before his letter of acceptance has reached the proposer. The acceptance must be absolute and unqualified, otherwise, there is no agreement. An offer or proposal may lapse, if it is not accepted within a reasonable time.


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