Analysis Of The Legal Remedies Available To An Aggrieved Party Under The Indian Contract Act 1872, And Specific Performance Of A Contract
Abhishek Akshantala, Jindal Global Law School
ABSTRACT
A contract is a legally binding pre-arrangement between two or more parties. According to Section 2(h) of the Indian Contract Act of 1872, a contract is "an agreement that is enforceable by law"1. The Indian Contract Act, Section 102, sets out the requirements for a legal contract.
A breach of contract occurs when one or both parties fail to fulfil their contractual obligations. The object of a contract is to enforce any conditions that must be followed by both parties, but when one of them fails to do so, it is referred to as a breach of contract. The violating party is the one who has failed to fulfil his or her obligations.
Now, if one party fails to meet the contract's terms, the other party is left with no choice but to terminate the contract. Since the contract is legally binding, the law has established the remedy for breach of contract in order to reimburse the other party.4 The following article provides an analytic insight into the remedies available to aggrieved parties upon the incurrence of detriment, arising contractual breach.
