What is Indian Contact Act?

The Indian Contract Act, 1872 is a contract law which defines how a contract is formed. It defines the rights and liabilities of traders, brokers and consumers as well as provides protection for such individuals from exploitation by businesses.

It is one of the most comprehensive codifications of commercial law in the world.

Primarily, it sets up rules for imposing penalties on those who commit frauds or other violations in order to extract unfair benefits from others.

Also read - What is Industrial dispute act 1947?

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The Indian Contract Act of 1872 is a contractual law that governs the formation of contracts. It establishes the rights and responsibilities of merchants, dealers, and buyers, as well as safeguards against commercial mistreatment.

It is one of the biggest global relating to trade codifications.

It essentially establishes guidelines for punishing persons who conduct frauds or other breaches in order to obtain unfair advantages from the others.
The Act is founded on English Common Legal norms. It is relevant to all Indian states.

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