preamble to indian contracts act 1872

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Information about preamble to indian contracts act 1872

Published on December 18, 2016

Author: abinrjky


1. Construction contracts assignment GROUP 1 MBA (CE & QS) -3RD SEMESTER

2. preamble  short title Indian contract act 1872 It extends to whole expect j& k Came into force on 1st sep 1872  Enactment repealed Nothing herein contained shall affect the provisions of aan statute, act/ regulations

3.  In this act the following words and expressions are used in following senses  Proposal –willingness to do or abstain from doing something  Promise –accepting the proposal  promiser- person making the proposal  Promisee – person accepting  Consideration for the promise –when promise has done  Agreement –every promise and every set of promises  Reciprocal promise-promises part of consideration An agreement not enforceable by law is void  Contract – agreement enforceable by law Interpretation clause

4.  Communication, acceptance and revocation of proposals It is deemed to be made by an act or commission of the party proposing  Communication when complete The knowledge of the person to whom it is made  Revocation of Proposals and acceptance It is acceptance complete as against the proposer

5.  Revocation are made by  Notice of revocation by proposer  Without communication of acceptance by acceptor  Failure of fulfilment of conditions precedent to acceptance by acceptor  Death of proposer before acceptance  Proposal becomes promise when  Acceptance must be absolute and unqualified  Acceptance expressed in usual manner  If proposal prescribes the manner which it is to be accepted and acceptance is not done as above , the proposer can communicate the way to accept .if he fails to do so ,he accepts the acceptance  A proposal is considered as accepted by  Proposal of any condition of proposal  By receiving any consideration ,which is mentionaed as a reciprocal return for performance of proposal Promise in words –express Promise other ways --implied

6. Thank you

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