Analysis Of Contract Law

1874 Words8 Pages
Remedies to Breach of Contract

Contract Law

Nayona Banerjee

BA Economics Honours

The history of the Indian Contract Act,1972, reflects the origin of economic possession in olden era and hence the importance of contract to conduct one’s business. The earlier system that existed in the older times was that of barter system which was built on the same principle. The concept still finds existence in the present world, where it can be found in commercial and economical vies underdeveloped and developed areas. However, the relevancy of such a system in modern times is questioned due to complicated nature of the economic systems as well as the increasing market conditions due to the change in the wants and needs
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Modern economic analysis of contract law was initiated about 30 years ago. Economic researchers writing in the mid 1970s had foundational bits of knowledge, and afterward after some time different writers have censured and refined them; there has been a feeling of forward development in the subject, of the building of an inexorably complex agreement.
The hypothesis characterizes deal as a dialog on worth to concede to a price. It happens however acceptance, offer and consideration. In a bargain in a contract or an agreement, the promise induces the promisor to give a promise. The promicee might take the type of anything from cash to merchandise to benefit. However if a bargaining takes place between the two parties, it also gives rise to the ability of non fulfilment of promise. The damage measured under this bargaining theory is known as expectation damages. A particular damage remedy can be considered efficient only if it makes a party take an appropriate decision and the very same decision it would have otherwise taken under an efficient
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