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Indian Contract Act

Indian Contract Act

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Published by Pranav D. Potekar

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Published by: Pranav D. Potekar on Aug 15, 2009
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03/19/2013

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Indian Contract Act, 1872
[Part – I]
Introduction
Essentials of a valid contract
Communication Acceptance and Revocation of Proposals
Contracts, Voidable Contracts and VoidAgreements
Void agreements
Contingent Contracts
Performance of Contracts
By whom contracts must be performed
 Time and place for performance
Performance of reciprocal promises
Appropriation of Payments
Contracts which need not be performed
Certain Relations Resembling those createdby Contract
 The Consequences of Breach of Contract
Sections 76-123, is Repealed by the Sale of Goods Act
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Indemnity and Guarantee
Bailment
Bailment of pledges
Suits by bailees or bailors against wrong-doers
Appointment and Authority of Agents
Sub-agents
Ratification
Revocation of authority
Agent's duty to Principal
Principal's duty to agent
Effect of agency on contract with thirdpersons
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Introduction
Contracts have a very crucial role in trade, commerceand industry. It is the very base of every commercialtransaction. When parties enter into a contract, it createsrights and obligations between them. Thus contract isnothing but a series of promises which the parties make toeach other. Law of contract lays down the rules relating toformation of contract, performance of contract andremedies for breach of contract.The law of contract in India is contained in the IndianContract Act, 1872. This Act is based on the EnglishCommon Law and extends to the whole of India except theState of Jammu and Kashmir. The provisions of the IndianContract Act are applicable to all promises made with theintention of entering into a legal relationship. The act is divided into two parts:
a)
General Principles of Contract (Section 1 to 75):
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