Common Contracts

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June 2nd, 2023

• Filed
  June 2nd, 2023

A contract, in general, is an agreement which is enforceable by law. Such enforceability is possible only if that agreement is formed after fulfilling general conditions such as offer and acceptance, age of majority, sound mind, free consent and lawful consideration and object. On the other hand, there are certain contracts, which are specific in nature due to their purpose and scope such as contract of indemnity, guarantee, bailment, pledge, agency etc. Apart from basic conditions, these specific contracts are formed after fulfilling various additional conditions. For example, in case of bailment, there must also be delivery of goods for some purpose, which is to be returned or otherwise disposed of after accomplishment of such purpose. Similarly, goods are delivered as security for payment of a loan in case of pledge. The Indian Contract Act, 1872 has recognized these specific contracts of bailment and pledge under the provisions contained under Sections 148-171 and Sections 172-179