Concluded Contract - Page 1 - Bare Acts

Indian Contract Act, 1872 Chapter 6

Title: Of the Consequences of Breach of Contract

State: Central

Year: 1872

.....in advance. A repairs the house, but not according to contract. B is entitled to recover from A the cost of making the repairs conform to the contract. (g) A contracts to let his ship to B for a year, from the first of January, for a certain price. Freights rise, and, on the first of January, the hire obtainable for the ship is higher than the contract price. A breaks his promise. He must pay to B, by way of compensation, a sum equal to the difference between the contract price and the price for which B could hire a similar ship for a year on and from the first of January. (h) A contracts to supply B with a certain quantity of iron at a fixed price, being a higher price than that for which A could procure and deliver the iron. B wrongfully refuses to receive the iron. B must pay to A, by way of compensation, the difference between the contract price of the iron and the sum for which A could have obtained and delivered it. (i) A delivers to B, a common carrier, a machine, to be conveyed, without delay, to A's mill, informing B that his mill is stopped for want of the machine. B unreasonably delays the delivery of the machine, and A, in consequence, loses a profitable.....

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Indian Contract Act, 1872 Section 73

Title: Compensation for Loss or Damage Caused by Breach of Contract

State: Central

Year: 1872

.....in advance. A repairs the house, but not according to contract. B is entitled to recover from A the cost of making the repairs conform to the contract. (g) A contracts to let his ship to B for a year, from the first of January, for a certain price. Freights rise, and, on the first of January, the hire obtainable for the ship is higher than the contract price. A breaks his promise. He must pay to B, by way of compensation, a sum equal to the difference between the contract price and the price for which B could hire a similar ship for a year on and from the first of January. (h) A contracts to supply B with a certain quantity of iron at a fixed price, being a higher price than that for which A could procure and deliver the iron. B wrongfully refuses to receive the iron. B must pay to A, by way of compensation, the difference between the contract price of the iron and the sum for which A could have obtained and delivered it. (i) A delivers to B, a common carrier, a machine, to be conveyed, without delay, to A's mill, informing B that his mill is stopped for want of the machine. B unreasonably delays the delivery of the machine, and A, in consequence, loses a profitable.....

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Indian Contract Act, 1872 Complete Act

Title: Indian Contract Act, 1872

State: Central

Year: 1872

.....- Ratification may be expressed or implied Section198 - Knowledge requisite for valid ratification Section199 - Effect of ratifying unauthorized act forming part of a transaction Section200 - Ratification of unauthorized act cannot injure third person Section201 - Termination of agency Section202 - Termination of agency, where agent has an interest in subject-matter Section203 - When principal may revoke agents authority Section204 - Revocation where authority has been partly exercised Section205 - Compensation for revocation by principal, or renunciation by agent Section206 - Notice of revocation or renunciation Section207 - Revocation and renunciation may be expressed or implied Section208 - When termination of agents authority takes effect as to agent and as to third persons Section209 - Agents duty on termination of agency by principals death or insanity Section210 - Termination of sub-agents authority Section211 - Agents duty in conducting principals business Section212 - Skill and diligence required from agent Section213 - Agents accounts Section214 - Agents duty to communicate with principal Section215 - Right of principal when agent deals, on his own.....

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Contract Labour (Regulation and Abolition) Act, 1970 Chapter V

Title: Welfare and Health of Contract Labour

State: Central

Year: 1970

.....employer from the contractor either by deduction from any amount payable to the contractor under any contract or as a debt payable by the contractor. Section 21 - Responsibility for payment of wages (1) A contractor shall be responsible for payment of wages to each worker employed by him as contract labour and such wages shall be paid before the expiry of such period as may be prescribed. (2) Every principal employer shall nominate a representative duly authorised by him to be present at the time of disbursement of wages by the contractor and it shall be the duty of such representative to certify the amounts paid as wages in such manner as may be prescribed. (3) It shall be the duty of the contractor or ensure the disbursement of wages in the presence of the authorised representative of the principal employer. (4) In case the contractor fails to make payment of wages within the prescribed period or makes short payment, then the principal employer shall be liable to make payment of wages in full or the unpaid balance due, as the case may be, to the contract labour employed by the contractor and recover the amount so paid from the contractor either by deduction from.....

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Indian Contract Act, 1872 Section 62

Title: Effect of Novation, Rescission, and Alteration of Contract

State: Central

Year: 1872

If the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed. Illustrations (a) A owes money to B under a contract. It is agreed between A, B and C that B shall thenceforth accept C as his debtor, instead of A. The old debt of A to B is at an end, and a new debt from C to B has been contracted. (b) A owes B 10,000 rupees. A enters into an arrangement with B, and gives B a mortgage of his (A's) estate for 5,000 rupees in place of the debt of 10,000 rupees. This is a new contract and extinguishes the old. (c) A owes B 1,000 rupees under a contract. B owes C 1,000 rupees. B orders A to credit C with 1,000 rupees in his books, but C does not assent to the arrangement. B still owes C 1,000 rupees, and no new contract has been entered into.

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Indian Contract Act, 1872 Section 53

Title: Liability of Party Preventing Event on Which the Contract is to Take Effect

State: Central

Year: 1872

When a contract contains reciprocal promises, and one party to the contract prevents the other from performing his promise, the contract becomes voidable at the option of the party so prevented: and he is entitled to compensation1from the other party for any loss which he may sustain in consequence of the non-performance of the contract. Illustration A and B contract that B shall execute certain work for A for a thousand rupees. B is ready and willing to execute the work accordingly, but A prevents him from doing so. The contract is voidable at the option of B; and, if he elects to rescind it, he is entitled to recover from A compensation for any loss which he has incurred by its non-performance. ______________________ 1. See section 73, infra.

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Indian Contract Act, 1872 Section 54

Title: Effect of Default as to That Promise Which Should Be First Performed, in Contract Consisting of Reciprocal Promises

State: Central

Year: 1872

.....A does not provide any cargo for the ship. A cannot claim the performance of B's promise, and must make compensation to B for the loss which B sustains by the non-performance of the contract. (b) A contracts with B to execute certain builder's work for a fixed price, B supplying the scaffolding and timber necessary for the work. B refuses to furnish any scaffolding or timber, and the work cannot be executed. A need not execute the work, and B is bound to make compensation to A for any loss caused to him by the non-performance of the contract. (c) A contracts with B to deliver to him, at a specified price, certain merchandise on board a ship which cannot arrive for a month, and B engages to pay for the merchandise within a week from the date of the contract. B does not pay within the week. A's promise to deliver need not be performed, and B must make compensation. (d) A promises B to sell him one hundred bales of merchandise, to be delivered next day, and B promises A to pay for them within a month. A does not deliver according to his promise. B's promise to pay need not be performed, and A must make compensation.

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Indian Contract Act, 1872 Section 55

Title: Effect of Failure to Perform at a Fixed Time, in Contract in Which Time is Essential

State: Central

Year: 1872

.....voidable at the option of the promisee, if the intention of the parties was that time should be of the essence of the contract. Effect of such failure when time is not essential If it was not the intention of the parties that time should be of the essence of the contract, the contract does not become voidable by the failure to do such thing at or before the specified time; but the promisee is entitled to compensation from the promisor for any loss occasioned to him by such failure. Effect of acceptance of performance at time other than that agreed upon. - If, in case of a contract voidable on account of the promisor's failure to perform his promise at the time agreed, the promisee accepts performance of such promise at any time other than that agreed, the promisee cannot claim compensation for any loss occasioned by the non-performance of the promise at the time agreed, unless, at the time of such acceptance he gives notice to the promisor of his intention to do so.1 ______________________ 1. Cf. section 62 and 63, infra.

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Indian Contract Act, 1872 Section 74

Title: Compensation for Breach of Contract Where Penalty Stipulated for

State: Central

Year: 1872

.....loan of Rs.1,000 by five equal monthly instalments, with a stipulation that, in default, of payment of any instalment the whole shall become due. This stipulation is not by way of penalty, and the contract may be enforced according to its terms. (g) A borrows Rs.100 from B and gives him a bond for Rs.200 payable by five yearly instalments of Rs.40, with a stipulation that, in default of payment of any instalment, the whole shall become due. This is a stipulation by way of penalty.] _________________________ 1. Substituted by Act 6 of 1899, section 4, for the first paragraph of section 74. 2. Added by Act 6 of 1899, section 4 3. Substituted by the A.O. 1937, for "Government of India". 4. Inserted by the A.O. 1950, for "Provincial Government".

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Indian Contract Act, 1872 Section 231

Title: Rights of Parties to a Contract Made by Agent Not Disclosed

State: Central

Year: 1872

If an agent makes a contract with a person who neither knows, nor has reason to suspect, that he is an agent, his principal may require the performance of the contract; but the other contracting party has, as against the principal, the same rights as he would have had as against the agent if the agent had been principal. If the principal discloses himself before the contract is completed, the other contracting party may refuse to fulfil the contract, if he can show that, if he had known who was the principal in the contract, or if he had known that the agent was not a principal, he would not have entered into the contract.

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