Author: The Tax Herald

Performance of a contract is a fundamental aspect of the Indian Contract Act, 1872. It outlines the obligations of parties, essentials of a valid tender, and rights and liabilities of joint promisors. Sections 37 to 61 detail how actual and attempted performance work, the conditions for valid tender, and how payments can be appropriated when multiple debts exist. A clear understanding of these provisions helps businesses and individuals ensure compliance and avoid disputes.

Quasi-contracts under the Indian Contract Act ensure fairness where no formal agreement exists. Sections 68–72 cover supply of necessaries to persons incompetent to contract, payment by interested persons, benefits of non-gratuitous acts, finder of goods, and recovery of money paid by mistake or coercion. These provisions protect parties from unjust enrichment and define rights and liabilities even without an express contract.

The Lok Sabha has passed the Revised Income Tax Bill, 2025, replacing the old Income Tax Act, 1961. The bill simplifies provisions, removes redundancies, and introduces the “Tax Year” concept. Recommendations from the Parliamentary Select Committee have been incorporated, making tax laws clearer and more efficient without altering core principles.

Understanding Contingent Contracts under Section 31 of the Indian Contract Act, 1872, where obligations depend on uncertain future events. Learn when such contracts become enforceable or void based on specific conditions, and Quasi Contracts, where legal duties arise without a formal agreement. These are enforced by law to ensure fairness and prevent unjust enrichment.