Section 102 Contract Act Explained: Formation of contract | Nyaya

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What does Section 102 of Contract Act say?

Section 102 of the Indian Contract Act, 1872, states that a contract of sale is made by an offer to buy or sell goods for a price, and the acceptance of such offer. The contract may provide for the immediate delivery of the goods or the delivery at a future time. The contract of sale may be absolute or conditional. According to the section, a contract of sale is formed when one party makes an offer to buy or sell goods and the other party accepts that offer. The offer and acceptance must be made in the manner provided by the contract, if any, or as determined by the course of dealing between the parties or by usage, if any. The contract of sale may be oral or in writing. However, if the value of the goods exceeds Rs. 100, the contract must be in writing and signed by the parties to be enforceable.

Indian StandardSection 102, Indian Contract Act, 1872

Bluebook (21st ed.)Indian Contract Act, 1872, § 102 (India)

Court Pleading StandardSection 102 of the Indian Contract Act, 1872

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Source: Gazette of India (Official Publication)Verify egazette.gov.in ↗

Common Questions about Section 102 Contract Act

What is Section 102 of Contract Act?

Section 102 of the Indian Contract Act, 1872 (Contract Act) defines and regulates "Formation of contract". The section states: Section 102 of the Indian Contract Act, 1872, states that a contract of sale is made by an offer to buy or sell goods for a price, and the acceptance of such offer. The contract ma...

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