Tag Archives: Indian Contract Act

Indian Contract Act – Obligation of parties to contracts – Effect of refusal to accept offer of performance

Indian Contract Act – CHAPTER IV. OF THE PERFORMANCE OF CONTRACTS Section 37. Obligation of parties to contracts The parties to a: contract must either perform, or offer to perform, their respective promises, unless such performance’ is dispensed with or excused under the provisions of this Act, or of any other law. Promises bind the… Read More »

Indian Contract Act – Compensation for loss or damage caused by breach of contract – Compensation for failure to discharge obligation resembling those created by contract

Indian Contract Act – CHAPTER VI. OF THE CONSEQUENCES OF BREACH OF CONTRACT Section 73. Compensation for loss or damage caused by breach of contract When a contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or… Read More »

Indian Contract Act – contingent contracts – Agreement contingent on impossible events

Indian Contract Act – CHAPTER III OF CONTINGENT CONTRACTS Section 31.”Contingent contract” defined A “contingent contract” is a contract to do or not to do something,if some event, collateral to such contract, does or does not happen. Illustration A contracts to pay B Rs. 10,000 if B’s house is burnt. This is a contingent contract…. Read More »