• Latest
  • Trending
Indian Contract Act lives on for 150 years and longer

Indian Contract Act lives on for 150 years and longer

May 3, 2022
Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

July 7, 2022
India to Supply Fuel to Sri Lanka Only After Advance Payment

India to Supply Fuel to Sri Lanka Only After Advance Payment

July 6, 2022
Sri Lanka offers special port facilities to Bangladeshi vessels

Sri Lanka offers special port facilities to Bangladeshi vessels

July 6, 2022
India top lender to Sri Lanka in 2022 so far, displacing China

India top lender to Sri Lanka in 2022 so far, displacing China

July 6, 2022
Central banks are increasingly keen on the yuan, according to a new survey. Lucas Schifres/Getty Images

China’s yuan is making headway a global reserve currency, with 85% of central banks keen on holding the asset

July 6, 2022
Zimbabwe’s central bank said it would start selling gold coins

Zimbabwe to introduce gold coins as local currency tumbles

July 6, 2022
Two ships docked at Colombo Port begin unloading fuel

India to supply fuel to Sri Lanka only after advance payment

July 6, 2022
Ranil-Wickremesinghe Sri Lankan PM

I can turn around Sri Lanka’s economy: PM Ranil Wickremesinghe

July 6, 2022
Prime Minister Boris Johnson

UK PM Boris Johnson in crisis as top ministers quit

July 6, 2022
Electricity

Power cut schedule for July 6 in Sri Lanka

July 5, 2022
Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

July 5, 2022
Rain. Image credits - Max Bender @maxwbender / Unsplash

Why Australia is battling floods again

July 5, 2022
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Thursday, July 7, 2022
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    India to Supply Fuel to Sri Lanka Only After Advance Payment

    India to Supply Fuel to Sri Lanka Only After Advance Payment

    Sri Lanka offers special port facilities to Bangladeshi vessels

    Sri Lanka offers special port facilities to Bangladeshi vessels

    India top lender to Sri Lanka in 2022 so far, displacing China

    India top lender to Sri Lanka in 2022 so far, displacing China

    Central banks are increasingly keen on the yuan, according to a new survey. Lucas Schifres/Getty Images

    China’s yuan is making headway a global reserve currency, with 85% of central banks keen on holding the asset

    Two ships docked at Colombo Port begin unloading fuel

    India to supply fuel to Sri Lanka only after advance payment

    Ranil-Wickremesinghe Sri Lankan PM

    I can turn around Sri Lanka’s economy: PM Ranil Wickremesinghe

    Electricity

    Power cut schedule for July 6 in Sri Lanka

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    Central banks are increasingly keen on the yuan, according to a new survey. Lucas Schifres/Getty Images

    China’s yuan is making headway a global reserve currency, with 85% of central banks keen on holding the asset

    Zimbabwe’s central bank said it would start selling gold coins

    Zimbabwe to introduce gold coins as local currency tumbles

    Prime Minister Boris Johnson

    UK PM Boris Johnson in crisis as top ministers quit

    Rain. Image credits - Max Bender @maxwbender / Unsplash

    Why Australia is battling floods again

    The highest paying jobs without a degree in 2022

    The highest paying jobs without a degree in 2022

    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    Queen Elizabeth

    Five ways the monarchy has benefited from colonialism and slavery

    Why is the UK economy suffering more than other countries?

    Why is the UK economy suffering more than other countries?

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    ‘KGF Chapter 2’

    ‘KGF Chapter 2’ becomes 3rd-highest-grossing Hindi film

    Popular Bollywood stars Ranbir Kapoor and Alia Bhatt were married Thursday in a private ceremony at their Mumbai residence. Image credits - Sujit Jaswal via AFP / Getty Images

    Bollywood stars Ranbir Kapoor and Alia Bhatt marry in Mumbai

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

    Moon. Image credits - Ganapathy Kumar / Unsplash

    China finds signs of water in moon’s ‘Ocean of Storms’

    What we should know when we speak of food security?

    What we should know when we speak of food security?

    Beetroot is rich in nitrates and is loaded with health benefits. (Photo: Getty Images)

    Drinking beetroot juice daily could help people with heart condition

    Close-up view of a cancer cell. Credit: Alexey Kotelnikov / Alamy Stock Photo

    Massive breakthrough as cancer vanishes for all patients in drug trial

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    In this 1971 Center For Disease Control handout photo, monkeypox-like lesions are shown on the arm and leg of a female child in Bondua, Liberia. CDC | Getty Images

    The Covid conspiracies being recycled for monkeypox

    Exercise. Image credits - Victor Freitas @victorfreitas / Unsplash

    Best exercise time differs for men and women, says US study

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Bitcoin. Image credits - Onov3056

    Bitcoin slides below $20,000 to lowest level in 18 months

    Digital banking platform Revolut launches in Sri Lanka

    Digital banking platform Revolut launches in Sri Lanka

    Microsoft's Internet Explorer was first included with a Windows 95 upgrade pack. Image credits - Ina Fried/CNET

    End of an era: Microsoft retires Internet Explorer

    Cryptocurrency boom. Image credits - Executium @executium / Unsplash

    Cryptocurrency market value slumps under $1 trillion

    iPhone. Image credits - Tron Le @tronle_sg / Unsplash

    EU deal to force iPhones to use USB-C charger by 2024

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp to get edit button, undo messages and other features soon 

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    India to Supply Fuel to Sri Lanka Only After Advance Payment

    India to Supply Fuel to Sri Lanka Only After Advance Payment

    Sri Lanka offers special port facilities to Bangladeshi vessels

    Sri Lanka offers special port facilities to Bangladeshi vessels

    India top lender to Sri Lanka in 2022 so far, displacing China

    India top lender to Sri Lanka in 2022 so far, displacing China

    Central banks are increasingly keen on the yuan, according to a new survey. Lucas Schifres/Getty Images

    China’s yuan is making headway a global reserve currency, with 85% of central banks keen on holding the asset

    Two ships docked at Colombo Port begin unloading fuel

    India to supply fuel to Sri Lanka only after advance payment

    Ranil-Wickremesinghe Sri Lankan PM

    I can turn around Sri Lanka’s economy: PM Ranil Wickremesinghe

    Electricity

    Power cut schedule for July 6 in Sri Lanka

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

    Sri Lanka current economic crisis is similar to 1970s: New York Times article from 1974

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

    Central banks are increasingly keen on the yuan, according to a new survey. Lucas Schifres/Getty Images

    China’s yuan is making headway a global reserve currency, with 85% of central banks keen on holding the asset

    Zimbabwe’s central bank said it would start selling gold coins

    Zimbabwe to introduce gold coins as local currency tumbles

    Prime Minister Boris Johnson

    UK PM Boris Johnson in crisis as top ministers quit

    Rain. Image credits - Max Bender @maxwbender / Unsplash

    Why Australia is battling floods again

    The highest paying jobs without a degree in 2022

    The highest paying jobs without a degree in 2022

    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    Queen Elizabeth

    Five ways the monarchy has benefited from colonialism and slavery

    Why is the UK economy suffering more than other countries?

    Why is the UK economy suffering more than other countries?

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Kamal Haasan's Vikram is on a rampage.

    Kamal Haasan’s Vikram is the highest-grossing film in Singapore, UK and UAE

    Harry Potter and the Philosopher's Stone

    ‘Harry Potter and the Philosopher’s Stone’ celebrates 25 magical years

    Salman Khan

    Plot to kill Bollywood actor Salman Khan revealed

    Shah Rukh Khan's Jawaan, to be directed by Atlee, to scheduled for June 2023 release. (Photo: Twitter)

    Shah Rukh Khan announces new film ‘Jawaan’

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Chchutir diner Gaan by Bangladeshi singer Nondita

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    Song “Bechain Nazar Betaab Jigar”. Talat Mahmood. Film “Yasmin” 1955

    ‘KGF Chapter 2’

    ‘KGF Chapter 2’ becomes 3rd-highest-grossing Hindi film

    Popular Bollywood stars Ranbir Kapoor and Alia Bhatt were married Thursday in a private ceremony at their Mumbai residence. Image credits - Sujit Jaswal via AFP / Getty Images

    Bollywood stars Ranbir Kapoor and Alia Bhatt marry in Mumbai

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

    Lata Mangeshkar: Ae Chand Pyara. Film Khazaana 1951. Music C.Ramchandra. Lyrics Rajinder Krishan

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Pomegranate Juice

    Fifteen health benefits of pomegranate juice

    This April 2022 handout photograph provided by RR Auction shows cockroaches which were fed moon dust from the 1969 Apollo 11 mission, which were pulled from an auction listing after NASA said the cockroaches and a small vial of moon dust are property of the federal government. (Photo: AP)

    Give us back our moon dust and cockroaches: Nasa

    Moon. Image credits - Ganapathy Kumar / Unsplash

    China finds signs of water in moon’s ‘Ocean of Storms’

    What we should know when we speak of food security?

    What we should know when we speak of food security?

    Beetroot is rich in nitrates and is loaded with health benefits. (Photo: Getty Images)

    Drinking beetroot juice daily could help people with heart condition

    Close-up view of a cancer cell. Credit: Alexey Kotelnikov / Alamy Stock Photo

    Massive breakthrough as cancer vanishes for all patients in drug trial

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    India hands over 3.3 tons of medical supplies to Lanka’s ambulance service

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    Lankan Prez orders LKR 1.8 billion (US$ 5 million) to be spent on drugs import  

    In this 1971 Center For Disease Control handout photo, monkeypox-like lesions are shown on the arm and leg of a female child in Bondua, Liberia. CDC | Getty Images

    The Covid conspiracies being recycled for monkeypox

    Exercise. Image credits - Victor Freitas @victorfreitas / Unsplash

    Best exercise time differs for men and women, says US study

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Bitcoin. Image credits - Onov3056

    Bitcoin slides below $20,000 to lowest level in 18 months

    Digital banking platform Revolut launches in Sri Lanka

    Digital banking platform Revolut launches in Sri Lanka

    Microsoft's Internet Explorer was first included with a Windows 95 upgrade pack. Image credits - Ina Fried/CNET

    End of an era: Microsoft retires Internet Explorer

    Cryptocurrency boom. Image credits - Executium @executium / Unsplash

    Cryptocurrency market value slumps under $1 trillion

    iPhone. Image credits - Tron Le @tronle_sg / Unsplash

    EU deal to force iPhones to use USB-C charger by 2024

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp to get edit button, undo messages and other features soon 

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Economy

Indian Contract Act lives on for 150 years and longer

Editor by Editor
May 3, 2022
in Economy, Governance, India, Top Story
Reading Time: 3 mins read
8 0
A A
Indian Contract Act lives on for 150 years and longer
20
SHARES
Share on WhatsApp

By Vinod K. Jacob/DailyFT

Colombo, May 3: This year marks the 150th anniversary of the Indian Contract Act which entered into force in September 1872, having been enacted in April that year. The fact that the legislation has held sway, albeit with significant revisions to adjust to the demands of the times, for such a long period is testimony to its inherent worth.

Background

ADVERTISEMENT

In fact, the Preamble itself did not profess the Act of 1872 to be a complete Code dealing with the law relating to contracts, which at that time was principally based on English Common Law (with appropriate application of justice, equity and good conscience in specific cases) with its roots in real property law. It is interesting to remember that prior to the passing of the Act of 1872, courts in British India adjudicated on contract cases by the laws and customs of the Hindus where the parties were Hindus, by those of Muslims when the parties are Muslims, and by those of the defendant in cases where one of the parties was a Muslim and the other a Hindu. The Act of 1872 has influenced the development of contract law in other countries in South and Southeast Asia and also in parts of Africa.

Evolution

The Indian Contract Bill, which became the Act of 1872 was drafted by the Indian Law Commission which was constituted in December 1961 which addressed the law relating to contracts, sale of movables, indemnity and guarantee, bailment, agency and partnership. Subsequent to 1872, separate Acts were enacted in 1930 and 1932 dealing with sale of goods and partnership respectively. Under the Constitution of India of 1950, the subject of the law of contract has been placed as item 7 of the Concurrent List (List III) in the Seventh Schedule to the Constitution.

Government contracts

In recent decades, Governments (both at the Centre in Delhi and at the capitals of the states) have become significant protagonists in the sphere of contract making and application. This is governed by Articles 298 and 299 of the Indian Constitution which respectively (a) confers power on the Government to make contracts and (b) provides for the mandatory formalities like execution on behalf of the President or Governor to be complied with while making such contracts. Separately, Governments can enter into statutory contracts that are governed by specific laws.

E-contracts

In the contemporary world, the conclusion of contracts in the cyber space has added a fresh layer to the application of contract law. In particular, Section 10 A of the Information Technology Act which was adopted in 2000 and significantly amended in 2008 is relevant. According to this Section, “Where in a contract formation, the communication of proposals, the acceptance of proposals, the revocation of proposals and acceptances, as the case may be, are expressed in electronic form or by means of an electronic record, such contract shall not be deemed to be unenforceable solely on the ground that such electronic form or means was used for that purpose.” The Ministry of Electronics & Information Technology in India is responsible for the satisfactory application of the Information Technology Act.

Ease of doing business

Substantial progress on the parameter of “enforcing contracts” has played an important role in India improving its ranking in the World Bank’s Ease of Doing Business rankings to 63 in 2020, a meteoric rise of 79 ranks from 142 in 2014. In the case of the report released in 2021, the following were pertinent: (a) faster resolution of commercial disputes; (b) dedicated commercial courts established in Delhi and Mumbai, (c) adoption of technology for case management by lawyers and judicial officers leading to speedier dispute resolution, and (d) eCourts Services Portal and eCourts Service App offering 7 case-related services for litigants and lawyers.

Conclusion

Contracts are present everywhere in the modern-day world and impact all strata of society. The law of contracts needs to be properly enforced if an economy has to bring prosperity to and create wealth for its participants – be they individuals, companies, trusts, governments, religious institutions and the like. The course charted by the progressive development of the law in India through the Act of 1872 has played its due role in contributing to the strength and vibrancy of economic growth, thereby serving a useful social role as well.

(The writer is Deputy High Commissioner of India to Sri Lanka since September 2019. Views expressed are personal)

Tags: EConomic growthIndian Contract Act 1872

Related Posts

Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East
Sri Lanka

Economic Crisis Forces Sri Lanka to Shed Fears and Move Closer to US, Middle East

July 7, 2022
India to Supply Fuel to Sri Lanka Only After Advance Payment
Economy

India to Supply Fuel to Sri Lanka Only After Advance Payment

July 6, 2022
Sri Lanka offers special port facilities to Bangladeshi vessels
Bangladesh

Sri Lanka offers special port facilities to Bangladeshi vessels

July 6, 2022
India top lender to Sri Lanka in 2022 so far, displacing China
China

India top lender to Sri Lanka in 2022 so far, displacing China

July 6, 2022
Zimbabwe’s central bank said it would start selling gold coins
Around The World

Zimbabwe to introduce gold coins as local currency tumbles

July 6, 2022
Two ships docked at Colombo Port begin unloading fuel
Around South Asia

India to supply fuel to Sri Lanka only after advance payment

July 6, 2022
  • Electricity

    Power cut schedule for July 6 in Sri Lanka

    45047 shares
    Share 18034 Tweet 11255
  • Foreign Exchange Rates from Central Bank of Sri Lanka; USD, GBP, EUR, SGD, CAD

    1186 shares
    Share 481 Tweet 294
  • WATCH : Yohani’s first live performance in India

    784 shares
    Share 326 Tweet 191
  • Power interruption schedule released: Check your area power cut time

    736 shares
    Share 314 Tweet 176
  • Leader of Bohra community meets President

    668 shares
    Share 271 Tweet 165
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

mersin eskort -

Meritroyalbet

-
Jojobet
- Süperbetin - eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - istanbul avukat