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(i) Contract of Indemnity and Guarantee, , , , , , , , , , , , , , , , , , , , , , , 'Sa Contract., , (2) Contract of Bailment and Pledge hy law, , (3) Contract of Agency, , In simple words, the law of contract is contained in the Indian Cont, — . pe eas ract, Act, 1972. This Act is based mainly on English Common Law which is toa, , large extent made up of judicial precedents. (There being no separate Contract, Act in England). It extends to the whole of India except the State of Jammu and, ‘Kashmir and came into force on the first day of September 1872. The Act j is not, ‘exhaustive. It does not deal with all the branches of the law of contract. There, ‘are separate Acts which deals with contracts relating to negotiable instruments,, transfer of property, sale of goods, partnership, i insurance, etc. Again the Act, does not affect any usage or custom of trade (sec. 1). Aminor amendment in, section 28 of the Act was made by the Indian Contract (Amendment) Act, 1996., , , , Scheme of the Act may be divided into two main groups:, ae re, , General principles of the law of contract (Secs. 1-75)., , Specific kinds of contracts, Viz.: ,, a) Contracts of Indemnity and Ga (Secs. 124-147)., b) Contracts of Bailment and Pledge (Secs. 148-181)., , c) Contracts of Agency (Secs. 182-238). Te oct our wlly hed 266, , sefore 1930 the Act also contained provisions relating to contacts of sale of deckisns, joods and partnership{Sections 76-123 relating to sale of goods were repealed |, b 1930 anda separate Act called the Sale of goods Act was enacted} Similarly,”, , tions 239-266 relating to partnership were repealed in 1932 when the Indian, artnership Act was passed.) |, , ASIC ASSUMPTIONS UNDERLYIN G THE ACT 3, Before we take up the discussion of the various provisions of the Indian, , act Act, it will be Proper to see some. of the basic assumptions acta, , ontr, € Act. These are: