lnulAn CCn18AC1 AC1 l872

?A1ln A8C8A
10101024
lnLroducLlon
W 1he word LAW ls a general Lerm and has dlfferenL
connoLaLlons for dlfferenL peopleeg
(1) A clLlzen may Lhlnk of law as a seL of rules whlch
he musL obey
(2) Lawyer who pracLlces law may Lhlnk of law as a
vocaLlon
(3) A leglslaLor may look aL law as someLhlng creaLed
by hlm
ln Lhe legal sense whlch we are concerned here wlLh
ls LhaL LAW lncludes all Lhe rules and prlnclples
whlch regulaLe our relaLlons wlLh oLher lndlvlduals
and wlLh Lhe sLaLe
uLllnA1lCn
A CCn18AC1 lS An AC8LLMLn1 MAuL 8L1WLLn
1WC C8 MC8L A81lLS WPlCP 1PL LAW WlLL
LnlC8CL SLC2(P) uLllnLS A CCn18AC1 AS An
AC8LLMLn1 LnlC8CLA8LL 8? LAW
1PL lnulAn CCn18AC1 AC1 1872
W 1he law relaLlng Lo conLracLs ls conLalned ln Lhe
lndlan conLracL acL 1872 1he acL deals wlLh (1)
Lhe general prlnclples of Lhe law of conLracL(sec1
Lo 73) and(2) some speclal conLracLs only(sec
124 Lo 238) 1he flrsL slx chapLers of Lhe acL
(whlch embody Lhe general prlnclple) deal wlLh
Lhe dlfferenL sLages ln Lhe formaLlon of Lhe
conLracL 8emalnlng chapLers deal wlLh some of
Lhe speclal conLracLs le lndemnlLy and
guaranLee ballmenL and pledge
1PL AC1 lS nC1 LxPAuS1lvL
1he lndlan conLracL acL does noL profess Lo be a
compleLe and exhausLlve code lL deals wlLh Lhe
general prlnclples of Lhe law of conLracL and wlLh
some speclal conLracLs only Some of Lhe conLracLs
noL dealL wlLh by Lhe AcL are Lhose relaLed Lo
parLnershlp sale of goods negoLlable lnsLrumenLs
lnsurance blll of ladlng eLc 1here are separaLe acLs
whlch deals wlLh Lhese conLracLs
naLure of Lhe law of conLracL
W 1he law of conLracL dlffers from oLher branches of
law ln an lmporLanL respecL lL does noL lay down a
number of rlghLs and duLles whlch Lhe law wlll
enforce lL conslsLs raLher of a number and llmlLlng
prlnclples sub[ecL Lo whlch Lhe parLles may creaLe
rlghLs and duLles for Lhemselves whlch Lhe law wlll
uphold 1he parLles Lo a conLracL ln a sense make
Lhe law for Lhemselves So long as Lhey do noL
lnfrlnge some legal prohlblLlon Lhey can make whaL
rules Lhey llke ln respecL of Lhe sub[ecL maLLer of
Lhere agreemenL and Lhe law wlll glve effecL Lo
Lhere declslons
Law of conLracL ls noL Lhe whole law of
agreemenLs nor Lhe whole law of
obllgaLlons
law of conLracLs creaLe [us ln personam as
dlsLlngulshed from [us ln rem
W1PAnk ?Cu