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✅ THE INDIAN CONTRACT ACT, 1872

📌 Introduction
The law of contract is a fundamental branch of civil law that governs the creation, performance, and enforcement of agreements. At its core, it is concerned with the legal obligations that arise from promises made between two or more parties. The primary purpose of this body of law is to provide a framework for individuals and businesses to conduct their affairs with certainty and predictability. It establishes the essential elements of a legally binding agreement, such as offer and acceptance, consideration, and the capacity of the parties to enter into a contract. By defining what constitutes a valid contract and the remedies available for a breach, the law of contract protects the reasonable expectations of the parties and ensures that promises are kept, thereby underpinning both commercial transactions and personal dealings in a modern society.

📌 Historical Background
• The English common law and statute law related to contracts were introduced in the three presidency towns of Calcutta, Madras, and Bombay. However, these laws were not entirely suitable for the Indian context, leading to many inconveniences. To address these issues, a new law was needed.
• The statute of 1781 gave the Supreme Court in Calcutta and the Recorder’s Courts in Madras and Bombay the power to handle contract matters involving both Hindus and Mohammedans. The existing English laws and statutes were considered inadequate for governing the contracts of Hindus and Mohammedans, and it was felt that a comprehensive law was needed.
• The Indian Contract Bill was introduced in the Legislature to address this need. After being passed by the Legislature, it was assented to on April 25, 1872, and came into force on September 1, 1872, as the Indian Contract Act, 1872.

📌 Features of the Indian Contract Act, 1872
1. Act No. 9 of 1872
2. Extends to the whole of India (Earlier, it was not applicable to the State of Jammu and Kashmir but from 31-10-2019, it was made applicable by virtue of Jammu and Kashmir Reorganisation Act, 2019 as law of U.T.s of J&K and Ladakh).
3. It was drafted by Sir James Fitzjames Stephen.
4. Originally, it was first passed in 1872 but was repealed in the final revision and attached introductory part to the Indian Contract Act, 1872 based on the Law Commission in England.
5. It is a Civil and Substantive Law.
6. It is not exhaustive but subject to judicial interpretation.
7. The Act is not retrospective in nature.
8. Subject to the provisions contained in Article 372 of the Constitution of India, the Indian Contract Act continues to have constitutional validity from Article 372(1) of the Indian Constitution, being a pre-independence legislation.
9. Indian Contract Act is based on English Common Law.
10. Sources of Law of Contract are as follows: legislation, customs and usage, precedents, English decisions.

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