Law of Contracts

From ancient ages, the commercial transactions were taking place under the customs regulating the subject and the obligations of parties etc.. These customs culminated into the Law of contracts, when the same was codified. The Law of Contracts in India defines Contract as an agreement enforceable by law, which offers personal rights, and imposes personal obligations, which the law protects and enforces against the parties to the agreement. The general law of contract is based on the conception, which the parties have, by an agreement, created legal rights and obligations, which are purely personal in their nature and are only enforceable by action against the party in default. In India, the Law of Contracts is contained in the Contracts Act, 1872, which was enacted to de?ne the law relating to contracts. Over the period of nearly 100 years, the law of contract has developed and is fairly enriched with the judicial precedents and pronouncements, though it is cumbersome to grasp from the thick volumes on the Contract Act. In order to make this law simple and easily understandable, an effort is made under the "INB Lectures series' a maiden introduction of India Netbooks. The authors feel that the law of contracts so simplified shall make it 'easy to understand' for the readers and the persons to the profession of law. Case laws, important to the understanding of the code, are incorporated at appropriate places, though restraint has been kept so that the book is not unnecessarily bulky. The authors feel that the readers shall find the book useful and look forward to receive with pleasure any comments and suggestion from the readers towards improving this book further. Dr. Sanjeev Kumar Ms. Kamini