Bare Act Search Results

Indian Contract Act, 1872 Chapter 1

Title: Of the Communication, Acceptance and Revocation of Proposals

State: Central

Year: 1872

..... (3) by the failure of the acceptor to fulfill a condition precedent to acceptance; or (4) by the death or insanity of the proposer, if the fact of his death or insanity comes to the knowledge of the acceptor before acceptance. Section 7 - Acceptance must be absolute In order to convert a proposal into a promise, the acceptance must (1) be absolute and unqualified; (2) be expressed in some usual and reasonable manner, unless the proposal prescribes the manner in which it is to be accepted. If the proposal prescribes a manner in which it is to be accepted, and the acceptance is not made in such manner, the proposer may, within a reasonable time after the acceptance is communicated to him, insist that his proposal shall be accepted in the prescribed manner, and not otherwise; but if he fails to do so, he accepts the acceptance. Section 8 - Acceptance by performing conditions, or receiving consideration Performance of the conditions of a proposal, or the acceptance of any consideration for a reciprocal promise which may be offered with a proposal, is an acceptance of the proposal. Section 9 - Promises, express and implied In so far as the proposal or.....

Negotiable Instruments Act, 1881 Chapter XI

Title: Of Acceptance and Payment for Honour and Reference in Case of Need

State: Central

Year: 1881

.....sub scribe the bill with hi s own hand, and". 2 . The words "and such declaration must be recorded by the notary in hi s register" omitted by Act 2 of 1885 , sec. 8 . Section 110 - Acceptance not specifying for whose honour it is made Where the acceptance does not express for whose honour it is made it shall be deemed to be made for the honour of the drawer. Section 111 - Liability of acceptor for honour An acceptor for honour binds himself to all parties subsequent to the party for whose honour he accepts to pay the amount of the bill if the drawee do not; and such party and all prior parties are liable in their respective capacities to compensate the acceptor for honour for all loss or damage sustained by him in consequence of such acceptance. But an acceptor for honour is not liable to the holder of the bill unless it is presented, or (in case the address given by such acceptor on the bill is a place other than the place where the bill is made payable) forwarded for presentment, not later than the day next after the day of its maturity. Section 112 - When acceptor for honour may be charged An acceptor for honour cannot be charged unless the bill has at.....

Contract Act, 1872 Complete Act

State: Central

Year: 1872

CONTRACT ACT, 1872 CONTRACT ACT, 1872 9 of 1872 CHAPTER 00: PRELIMINARY SECTION 01: SHORT TITLE This Act may be called the Indian Contract Act, 1872. Extent and commencement.-It extends to the whole of India except the State of Jammu and Kashmir; and it shall come into force on the first day of September, 1872. Enactments repealed.-Nothing herein contained shall affect the provisions of any Statute, Act or Regulation not hereby expressly repealed, nor any usage or custom of trade, nor any incident of any contract, not inconsistent with the provisions of this Act. SECTION 02: INTERPRETATION CLAUSE. In this Act the following words and expressions are used in the following senses, unless a contrary intention appears from the context :- (a) When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal: (b) When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise: (c) The person making the proposal is called the "promisor",.....

Negotiable Instruments Act, 1881 Section 111

Title: Liability of Acceptor for Honour

State: Central

Year: 1881

An acceptor for honour binds himself to all parties subsequent to the party for whose honour he accepts to pay the amount of the bill if the drawee do not; and such party and all prior parties are liable in their respective capacities to compensate the acceptor for honour for all loss or damage sustained by him in consequence of such acceptance. But an acceptor for honour is not liable to the holder of the bill unless it is presented, or (in case the address given by such acceptor on the bill is a place other than the place where the bill is made payable) forwarded for presentment, not later than the day next after the day of its maturity.

Negotiable Instruments Act, 1881 Section 32

Title: Liability of Maker of Note and Acceptor of Bill

State: Central

Year: 1881

In the absence of a contract to the contrary, the maker of a promissory note and the acceptor before maturity of a bill of exchange are bound to pay the amount thereof at maturity according to the apparent tenor of the note or acceptance respectively, and the acceptor of a bill of exchange at or after maturity is bound to pay the amount thereof to the holder on demand. In default of such payment as aforesaid, such maker or acceptor is bound to compensate any party to the note or bill for any loss or damage sustained by him and caused by such default.

Indian Contract Act, 1872 Section 6

Title: Revocation How Made

State: Central

Year: 1872

A proposal is revoked (1) by the communication of notice of revocation by the proposer to the other party; (2) by the lapse of the time prescribed in such proposal for its acceptance, or, if no time is so prescribed, by the lapse of a reasonable time, without communication of the acceptance; (3) by the failure of the acceptor to fulfill a condition precedent to acceptance; or (4) by the death or insanity of the proposer, if the fact of his death or insanity comes to the knowledge of the acceptor before acceptance.

Negotiable Instruments Act, 1881 Section 37

Title: Maker, Drawer and Acceptor Principals

State: Central

Year: 1881

The maker of a promissory note or cheque, the drawer of a bill of exchange until acceptance, and the acceptor are, in the absence of a contract to the contrary, respectively liable thereon as principal debtors, and the other parties thereto are liable thereon as sureties for the maker, drawer or acceptor, as the case may be.

Negotiable Instruments Act, 1881 Section 33

Title: Only Drawee Can Be Acceptor Except in Need or for Honour

State: Central

Year: 1881

No person except the drawee of a bill of exchange, or all or some of several drawees, or a person named therein as a drawee in case of need, or an acceptor for honour, can bind himself by an acceptance.

Negotiable Instruments Act, 1881 Section 41

Title: Acceptor Bound, Although Indorsement Forged

State: Central

Year: 1881

An acceptor of a bill of exchange already indorsed is not relieved from liability by reason that such indorsement is forged, if he knew or had reason to believe the indorsement to be forged when he accepted the bill.

Negotiable Instruments Act, 1881 Section 88

Title: Acceptor or Indorser Bound Notwithstanding Previous Alteration

State: Central

Year: 1881

An acceptor or indorser of a negotiable instrument is bound by his acceptance or indorsement notwithstanding any previous alteration of the instrument.