BANKING AFFAIRS

Detailed explanation-1: –This Act may be called the Indian Contract Act, 1872.” Extent, Commencement.-It extends to the whole of India 1 [except the State of Jammu and Kashmir]; and it shall come into force on the first day of September, 1872.

Detailed explanation-2: -The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement enforceable by law”. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land.