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Important Sections of Indian Contract Law

Section Particular

Summary

2a
2b
2d
2e
2g
2h

Offer/Proposal
Acceptance/Promise
Consideration
Agreement
Void Agreement
Contract

signifies to another his willingness to do or to abstain from doing
another signifies his assent thereto
Act made by Promisee at the desire of the promisor
Every promise & every set of promises, forming the consideration
An agreement not enforceable
An agreement enforceable by law

4
5
7
9
10
11
12
13
14

Communication of Offer
Time Limit For Revocation
Rule for Valid acceptance
Classification
Essentials of Contract
Minor, incompetent Person
Person of Unsound Mind
Concent
Free Concent

communication of all terms
before acceptance
all terms, communication, not a cross offer
expressed/implied contract
sec 14 & two parties, consideration etc
void contract except where contract is for benefit of minor
void contract
2 or more agree at same term at same time
concent not containt with sec 15 to 18 & 20 to 22

15
16
17
18
20
21
22

Void/ Voidable Contracts
Coercion
Undue Influence
Fraud
Misrepresentation
Mistake
Bilatral
By Law
Unilatral

Void
one person in position to influence other- Void
giving wrong details - Void
may be knowingly or unknowingly-Voidable
mistake by both Party
mistake in terms of law
mistake made by only one party

23
24
25

Unlawfull Object/Consideration
Unlawfull in Part
No Consideration

Void
A part of contract is against law
Void - Exceptions made out of love, gift deed etc

26
27
28
29

Restrain of Marriage
Restrain of Trade
Restrain of Legal Proceeding
Void for uncertainty in Terms

Void
Void - with exceptions in case of sale of goodwill etc
Void
Void

30
31

Wegerring Contract
Contigent Contract

Void if for more than Rs 1000/Parties are interested in the transaction other cause of betting

37 & 38
39
40
42
59 & 61

Performance of contract
Breach of contract
Persons Liable for/entitled to Performance
Laibility of Joint Promissor
Apropriacction of contract

For Notes, Updates and Discussions, visit us on www.facebook.com/commerceduniya
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com/commerceduniya www. Updates and Discussions. 146 Right to share benefit of security 148 149 Bailment Mode of Delivery 150 158 159 164 Duty of Bailor Duty to disclose default in goods Pay expenses Indemnity for early termination Indemnity for defective title 153 159 180 151 154 155-157 160 Rights of Bailor Right to terminate Demand goods Sue against wrong-doer.commerceduniya.39 Discharge of contract Impossibility of performance Mutual Agreement Lapse of Time Operation of Law Breach of contract 124 125 Special Contract Contract of Indemnity Right of Indemnity Holder 126 128 Contract of Guarantee Surety's Liability 56 62&63 130 131 133 134 135 141 142&143 Discharge of Surety's Liability By Notice of Revocation Death Creditor makes Variance in terms Discharge of Principal Debtor (PD) Composition with PD/extention of Time Loss Of Security Deposited Void Agreement 140 141 145 146 147 Right of Surety Right to Subrogation Right to claim security/ setoff/ share reduction Right to indemnity Right to contribution from co-surety Exception to sec. Duty of Bailee Reasonable care Not to make unauthorized use of goods Mixing of goods Duty to return goods For Notes. visit us on www.facebook.com .

com Facebook id: www.com .163 164 165 & 166 180 170 & 171 Deliver any surplus to goods Right of Bailee Compensation for defective title Return goods Sue against wrong-doer Particular and general lien 158 169 Right of Finder of goods Recover expenses.commerceduniya.com/mis.facebook.rewards Right to sale goods 172 Pledge 173 &174 175 176 Right of Pawnee Retain the goods Extraordinary expenses Sue the powner Compiled by: Rohini Mishra Contact at: rohinimishra2008@gmail.facebook. Updates and Discussions.rohini For Notes.com/commerceduniya www. visit us on www.