Indian contract law

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Indian contract law regulates contract law in India except the state of Jammu and Kashmir. The main contract law in India is codified in the Indian Contract Act 1872 which came into effect on September 1, 1872 and is applicable in the whole country. It governs entering into contract, execution of contract, and the effects of breach of contract.

Definition

According to Section 2(h) of the Indian Contract Act, 1872 a contract is (i) An agreement Enforceable by law An agreement as per Section 2(e) means a promise or a set of promises in exchange for a promise or a set of promises.

Enforcement of contracts

Enforcement of contracts is a big problem in India as legal system can be slow and litigious.[1] India is ranked 185th out of 191 countries surveyed by world bank in terms of ease of enforcing a contract.[2]

See also

References

  • Singh, Avtar (2013). Law of Contract (11th ed.). Lucknow: Eastern Book Company. ISBN 978-93-5028-735-4.
  1. ^ Why Indian entrepreneurs struggle with the legal system and the bare essentials they need to know: Early-stage, pre-investment startups .[1]
  2. ^ http://www.doingbusiness.org/data/exploreeconomies/india/


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