The indian contract act, 1872, provides a basic structure of the law of contract in india, its enforcement, various provisions regarding non-performance and the breach of contract this report is aimed to highlight provisions regarding liquidated damages in case of the breach of the contract and to bring about a comparative study between india. The indian contract act, 1872 deals with the principles of law of contract, its essential elements, its formation, its performance and the remedies for the breach of contracts it determines the. Lexispsl india commercial contracts as provided under the contract act, 1872 and how various judgments have interpreted the doctrine in india other remedies. In india, e-contracts are governed by the indian contract act (1872), according to which certain conditions need to be fulfilled while formulating a valid contact certain sections in information technology act (2000) also provide for validity of online contract.
Types of damages for breach of contract there are four types of damages which can be claimed by the aggrieved party ordinary damages or general damages special damages exemplary or vindictive damages. This article deals with meaning and enforcement of indemnity in a contract it also seeks to compare the remedies on breach of contract of indemnity and remedies under section 74 of indian contract act, 1872 also it tries to answer the propostion whethera party can invoke indemnity on demand. Damages under indian contract act section 73 of the contract act is lays down the provision relating to damages it provides that the party, who breaches a contract, is liable to compensate the injured party for any loss or damage caused, due to the breach of contract. Remedies for breach of contract • under the ucc, if buyer covers, he can recover: cover price - contract price old contract future contracts to mitigate.
It is a voidable contract under section 2(1) of the act so a may cancel the contract because it is a fraud committed against him by b the fraud is a fraud of concealment of fact. Critique on damages as a remedy for breach of contract under indian, american, english and chinese law under indian contract act, 1872 it of breach of. India: as per the indian contract act, 1872, when a contract is breached, the aggrieved / injured party is entitled to one or more of the following remedies related case laws lumley vs wanger (1852. The indian contract act 1872 suit for damages • 3 following remedies are available to the injured party: • 1• remedies for breach of contract: • a. So far as the claim for damages are concerned they are very similar to that of contracts because section 73 of the indian contract act, 1872 provides remedies for the breach of quasi contracts as provided for the breach of express contracts in various sections of the indian contract act, 1872.
The remedy of a suit for damages for breach of a contract need not be one of the terms of contract but becomes available under the law in case of a breach of contract the ordinary remedy of a suit for damages in case of a breach is not excluded merely because certain other remedies in case of breach are mentioned in contract. What other remedies are available if there has been a breach of contract as mentioned, equitable remedies require the ordered party to act or refrain from acting in some way the court could order. Under indiana law, damages claimed for a breach of contract must be the natural, foreseeable, and proximate consequence of the breach the way this plays into this example is because you had no idea that jim had planned to resell the motorcycle to his cousin. English contract law is a body of law consequence of the contractual breach, but remedies in english law are footed the indian contract act 1872.
A breach of contract takes place when a party corresponding consents formally to abandon his liability under it, or by his own act makes it impossible that he should perform his obligations under it or fully or partially fails to perform such obligations. It also provides the remedies, which are available in a court of law against a person who the indian contract act, 1872 all agreements are not studied under. Essentials of a contract & remedies for breach and the consequences and relief's available for their breach indian contract act -1872 defines contract. Damages and liquidated claims are the common law remedies available following a breach of contract in that it involves a claim for a sum of money due under the.
The indian contract act, 1872 consequences of breach remedies for breach of contract completing his obligation under the contract, the. Remedies for breach of contract remedies available under common law are damages 74 and 75 of the indian contract act,1872 deals with remedies and damages.
T ypically, contracts are basic tenets of the world of commerce broadly, there exist two sets of remedy for a breach of contract in india one by way of damages under the indian contract act, 1872, and the other by way of specific performance under the specific relief act, 1963. Contract act - part vii (remedies for breach of contract - damages - liquidated damages - penalty) may be granted under the following grounds according to. 2) what is consent, as defined under indian contract act, 1872 a: when two or more persons agree on the same thing in the same sense (section 13) 3) what is the effect of mistakes as to law u/s 21 of indian contract act, 1872.