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...Unit i the indian contract act general principles of introduction law is most important branch mercantile without such a it would be difficult if not impossible to carry on any trade or business in smooth manner applicable only but also all day personal dealings fact each one us enters into number contracts from sunrise sunset when person buys newspaper rides bus purchases goods gives his radio for repairs borrows book library he actually entering these transactions are subject provisions term refers those rules which govern and regulate regulations etc bring sense seriousness definiteness they provide regarding validity making their performances year third commission british india under chairmanship sir john romily presented report submitted draft th july after several amendments was enacted as st april came force w e f september oldest regime passed by legislature pre independence received its assent statute contains essential formation along with relating indemnity guarantee bailmen...