Beruflich Dokumente
Kultur Dokumente
1872
Principles of assessment
of damages under Contract Act
Presented by:
Ankur Gupta 80118150063
Amol Dhuri 80118150059
Nehal Thakkar 80118160046
Somesh Prasad 80118150072
Yogesh Maheshwari 80118160024
Content
Introduction Law
Chapter VI of the Consequences of Breach of Contract
Section 73
Section 74
Reasons for Disputes
Liquidity Damages
Dispute Resolution - Case
Introduction - Law
The Indian Contract Act, 1872 came into force with effect from
September 1, 1872. Till then all agreements between people
were oral and people respected all obligations arising word of
mouth. When Britishers through their traders began to enter into
agreements with Indian people, they wanted something in
writing. Therefore, they brought this Act, which was more or less
replica of its English counterpart. It is this law that forms the
substratum of mercantile law. All the transactions in the business
world (baring few exceptions) are contracts before anything
else they could be.
Chapter VI of the Consequences of Breach of
Contract
Section 73:
Compensation for loss or damage caused by breach of
contract:- When a contract has been broken, the party who
suffers by such breach is entitled to receive, from the party who
has broken the contract, compensation for any loss or damage
caused to him thereby, which naturally arose in the usual
course of things from such breach, or which the parties
knew, when they made the contract, to be likely to result
from the breach of it.