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According to Section 27 of the Contract Act, 1872, any agreement that restrains a person from exercising a lawful profession, trade or business is void. [24] However, courts of Pakistan have made decisions in the past in favour of such restrictive clauses given that the restrictions are "reasonable". [25]
Meanwhile, the Indian Contract Act, 1872 which continues in force in Pakistan, Bangladesh, and India (the most populous common law jurisdiction) provides that valid consideration exists "when at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or ...
For example, in the Indian Contract Act, 1872, past consideration constitutes valid consideration, and that consideration may be from any person even if not the promisee. [47] The Indian Contract Act also codifies examples of when consideration is invalid, for example when it involves marriage or the provision of a public office.
The rules were exported across the British Empire, as for example in the Indian Contract Act 1872. [39] Further requirements of fairness in exchanges between unequal parties, or general obligations of good faith and disclosure were unwarranted because was said that liabilities "are not to be forced upon people behind their backs". [40]
A contract is a legally binding agreement made between parties involved in a transaction for the exchange of goods or services. The agreement often comes in the form of a written instrument that provides the terms or conditions of the arrangement, each of which correspond to an obligation that one of the parties entering the agreement is obliged to fulfill.
It was later influenced by the Companies Act 1857, Companies Act 1913 and Companies Act 1929. The Securities and Exchange Ordinance, 1969 was the most important piece of legislation incorporating corporate activities during the Pakistan period. After the independence of Bangladesh, post partition Indian company law served as a model for reforms ...
The Indian Contract Act, 1872 [1] prescribes the law relating to contracts in India and is the key regulating Indian contract law. Then the principles of English Common Law. It is applicable to all the states of India. It determines the circumstances in which promises made by the parties to a contract shall be legally binding.
Download as PDF; Printable version; ... Education Act 1872 (Victoria) I. Indian Contract Act, 1872; P. Penal Code (Singapore) T. Tréveneuc law