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The root of contract law is embedded in the stone age. In earlier systems, oral agreements were prevalent and contracts were recognized as loan, sale, bailment, pledge etc. While transitioning from a primitive era to a modern society, the concept of profit-making through business enlarged and contract law got formulated. In the race of business which runs on black and white, it is today a practical impossibility to conduct huge trade transactions on vague verbal assurances. In fact, things today demand to be asÂ systematic as they can be in order to ensure smooth sail for all sorts of businesses. Experienced and expert contract lawyers are sought by MNCâ€™s to safeguard their interest by foreseeing and preventing any loss or damage to a business. Our lawyers have been providing the businesses with world-class legal services in Dehradun for national and international trade law contacts, cross-border contract drafting, execution, negotiation, renewal, performance/ discharge, dissolution, and arbitration.
The contract law in India is governed under the precincts of the Indian Contract Act, 1872. The objective of the Contract Act is to ensure that the rights and obligation arising out of a contract are honored.
The law is clear on the point that proposal, promise, and consideration form an agreement. An agreement may be legally enforceable (contract and voidable agreement) or legally not enforceable (void agreement).
When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal.
When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise. The person making the proposal is called the “promisor” and the person accepting the proposal is called the “promisee”.
When, at the desire of the promisor, the promisee or any other person has a done or abstained from doing, or does or abstains from doing, or promises to do or abstains from doing, something, such act or abstinence or promise is called a consideration for the promise.
In case of breach of contract, either of the parties can resort to Mediation or Arbitration if such route is specified in the contract, or, in absence of an Arbitration clause, can file a civil-suit for the enforcement of the contract. The damages can also be sought in case either of the parties suffered any loss due to a breach. The terms and conditions of the contract must be read carefully by both the parties, understood and voluntarily agreed upon it. The contract is voidable if the consent of the party obtained by fraud, misrepresentation, coercion and undue influence. The contract is void if consent has been obtained by mistake. The legal age to enter into the contract is 18 years and any contract made by a minor is void ab-initio (from the beginning).
You can draft a contract yourself but it is advisable to hire a reputed lawyer/ law firm with expertise in contract laws. It shall be kept in mind that once the parties enter into a contract, it becomes binding and it is almost impossible to deviate from the terms and conditions without attracting complications and penalties. It happens quite frequently (and majorly in India) that the contracting parties first try to ignore the need of an expert contract lawyer to review the contract and safeguarding their interest, and enter blindly in a contractual obligation only to resent their decision in tears and blood. To avoid embarrassing and miserable conditions for our clients, our contract lawyers work hand in hand with our business clients to ensure that the clientsâ€™ rights are thoroughly protected and the contract they are entering into does not in any way defrauds or hampers their interest.
**We deject un-ethical and immoral practices, and reserve our rights of extending legal services only to a select clientele which exhibits civility, faith in law, sound moral footing, and good conscience. Our legal counsels defend the ones who have falsely been implicated, and prosecute for those who have actually been victimized â€“ in either case, our counsels reserve their right of exercising discretion in accepting or rejecting a brief/ lawsuit.
Insurance, like any other contract, is an agreement enforceable by law. In any insurance contract in India, two parties, typically the insurRead more
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