Indian Contract Act | Part 1

Indian Contract Act | Part 1

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Do you know from where i am coming? You dont? Let`s rewind this video to know… Priya: hey who is batting? Pranjal: Dhoni is on the Crease now…today i have a strong feeling that he will get out soon Priya: He`s Dhoni! he does not get Out so Easily! see he will get out , do you bet , yes i bet if dhoni gets out , i will give you 200 .Done what did I say…? so now you tell me….is this contract is a valid contract ? and do i need to give money to Pranjal? Hey Everybody! My name is priya and you are watching Finology Legal. In today’s video, we will learn about Indian Contract act. in college days, law of contracts was one of my favorite subjects. Why? Because normally and Luckily you will not find a student saying…. Oh see, that`s a Murder….Culpable Homicide…Defamation…Winding up of Company! BUT, everyday you will find a student doing this… bhaiya give me two packet biscuits..Could you Courier this Book…Hello, i wanted to order home delivery of a Pizza Did you get the Difference? What I am trying to say is that – on an everyday Basis – you may not encounter laws such as IPC, Constitution , Company law. etc but you do enter into many forms of oral , written, implied and expressed forms of contracts And that is the very reason that makes Law of Contract such an interesting subject so thats why in today’s video we will learn about Indian Contract Act Indian Contract Act, came into force on 1st september 1872 i.e., many years before our Independence so this legislation was made by the britishers. and in this there were total 266 sections whose divisions are like this from section 1 -75 they have mentioned general provisions. from section 76 – 123 they have mentioned sales of goods from 124 -147 they mentioned indemnity and guarantee, which is a very important topic section 148 – 181 is about bailment and pledge. in section 182 -238 they mentioned agency and from 239 – 266 is about partnership. but in 1930 they removed the part of section 76 -123 from this act and made a seperate legislation. sales of goods act was made. similarly in 1932 the last part of this act section 239-266 was removed and a separate legislation Indian partnership act was made. so these provisions was left in Indian contract act so the remaining provisions of this act will tell about different types of contracts how a valid contract is made, what will be their ingredients all about this. in todays video, how general contracts are made we will know about that now i will present two statements amongst you first is – i have done a agreement of property with harsh and second is- i have done a contract of property with harsh normally people will find both the statements common and same because in normally people’s point of view agreement and contract both are synonyms terms. but it is not like that there is a huge difference between an agreement and a contract the objective behind my today’s video is the above two statements mentioned you should understand very clearly about this all contracts are agreements but all agreements are not contract for understanding this statements , we should first understand about this terms contracts and agreements. for this we will take a very easy example common you also participate I asked you will you buy my laptop for 30k and you said yes i will buy this laptop from you at 30k very simple example it was of just two statements and from this two statements we will understand the chain of words and will differentiate between contracts and agreement

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