important sections in contract law

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Important Sections of Indian Contract Law Section Particular Summary 2a Offer/Proposal si gnifies to another his willi ngness to do or to abstain from doing 2b Acceptance/Promise another signifies his assent thereto 2d Consideration Act made by Promisee at the desire of the promisor 2e Agreement Every promise & every set of promises, forming the consideration 2g Void Agreement An agreement not enforceable 2h Contract An agreement enforceable by law 4 Communication of Offer communication of all terms 5 Time Limit For Revocation before acceptance 7 Rule for Valid acceptance all terms, communication, not a cross offer 9 Classification expressed/implied contract 10 Essentials of Contract sec 14 & two parties, consideration etc 11 Minor, incompetent Person void contract except where contract is for benefit of minor 12 Person of Unsound Mind void contract 13 Concent 2 or more agree at same term at same time 14 Free Concent concent not containt with sec 15 to 18 & 20 to 22 15 Coercion Void 16 Undue Influence one person in position to influence other- Void 17 Fraud giving wrong details - Void 18 Misrepresentation may be knowingly or unknowingly-Voidable 20 Bilatral mistake by both Party 21 By Law mistake in terms of law 22 Unilatral mistake made by only one party 23 Unlawfull Object/Consideration Void 24 Unlawfull in Part A part of contract is against law 25 No Consideration Void - Exceptions made out of love, gift deed etc 26 Restrain of Marriage Void 27 Restrain of Trade Void - with exceptions in case of sale of goodwill etc 28 Restrain of Legal Proceeding Void 29 Void for uncertainty in Terms Void 30 Wegerring Contract Void if for more than Rs 1000/- 31 Contigent Contract Parties are interested in the transaction other cause of betting 37 & 38 Performance of contract 39 Breach of contract 40 Persons Liable fo r/ entitled to Performance 42 Laibility of J oint Promissor 59 & 6 1 Ap ropriacc ti on of contract Void/ Voidable Contracts Mistake For Notes, Updates and Discussions, visit us on www.facebook.com/commerceduniya www.commerceduniya.com

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Important Sections of Indian Contract Law

Section Particular Summary2a Offer/Proposal signifies to another his willingness to do or to abstain from doing

2b Acceptance/Promise another signifies his assent thereto

2d Consideration Act made by Promisee at the desire of the promisor

2e Agreement Every promise & every set of promises, forming the consideration

2g Void Agreement An agreement not enforceable

2h Contract An agreement enforceable by law

4 Communication of Offer communication of all terms

5 Time Limit For Revocation before acceptance

7 Rule for Valid acceptance all terms, communication, not a cross offer

9 Classification expressed/implied contract

10 Essentials of Contract sec 14 & two parties, consideration etc

11 Minor, incompetent Person void contract except where contract is for benefit of minor

12 Person of Unsound Mind void contract

13 Concent 2 or more agree at same term at same time

14 Free Concent concent not containt with sec 15 to 18 & 20 to 22

15 Coercion Void

16 Undue Influence one person in position to influence other- Void

17 Fraud giving wrong details - Void

18 Misrepresentation may be knowingly or unknowingly-Voidable

20 Bilatral mistake by both Party

21 By Law mistake in terms of law

22 Unilatral mistake made by only one party

23 Unlawfull Object/Consideration Void

24 Unlawfull in Part A part of contract is against law

25 No Consideration Void - Exceptions made out of love, gift deed etc

26 Restrain of Marriage Void

27 Restrain of Trade Void - with exceptions in case of sale of goodwill etc

28 Restrain of Legal Proceeding Void

29 Void for uncertainty in Terms Void

30 Wegerring Contract Void if for more than Rs 1000/-

31 Contigent Contract Parties are interested in the transaction other cause of betting

37 & 38 Performance of contract

39 Breach of contract

40 Persons Liable for/entitled to Performance

42 Laibility of Joint Promissor

59 & 61 Apropriacction of contract

Void/ Voidable Contracts

Mistake

For Notes, Updates and Discussions, visit us on www.facebook.com/commerceduniya

www.commerceduniya.com

 

56 Impossibility of performance

62&63 Mutual Agreement

Lapse of Time

Operation of Law

39 Breach of contract

124 Contract of Indemnity

125 Right of Indemnity Holder

126 Contract of Guarantee

128 Surety's Liability

Discharge of Surety's Liability

130 By Notice of Revocation

131 Death

133 Creditor makes Variance in terms

134 Discharge of Principal Debtor (PD)

135 Composition with PD/extention of Time

141 Loss Of Security Deposited

142&143 Void Agreement

Right of Surety

140 Right to Subrogation

141 Right to claim security/ setoff/ share reduction

145 Right to indemnity

146 Right to contribution from co-surety

147 Exception to sec. 146

Right to share benefit of security

148 Bailment

149 Mode of Delivery

Duty of Bailor

150 Duty to disclose default in goods

158 Pay expenses

159 Indemnity for early termination

164 Indemnity for defective title

Rights of Bailor

153 Right to terminate

159 Demand goods

180 Sue against wrong-doer.

Duty of Bailee

151 Reasonable care

154 Not to make unauthorized use of goods

155-157 Mixing of goods

160 Duty to return goods

Discharge of contract

Special Contract

For Notes, Updates and Discussions, visit us on www.facebook.com/commerceduniya

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163 Deliver any surplus to goods

Right of Bailee

164 Compensation for defective title

165 & 166 Return goods

180 Sue against wrong-doer

170 & 171 Particular and general lien

Right of Finder of goods

158 Recover expenses,rewards

169 Right to sale goods

172 Pledge

Right of Pawnee

173 &174 Retain the goods

175 Extraordinary expenses

176 Sue the powner

For Notes, Updates and Discussions, visit us on www.facebook.com/commerceduniya

www.commerceduniya.com

Compiled by: Rohini Mishra

Contact at: [email protected]

Facebook id: www.facebook.com/mis.rohini