Bare Act Search Results

Indian Contract Act, 1872 Section 145

Title: Implied Promise to Indemnify Surety

State: Central

Year: 1872

.....as well as the principal debt. (b) C lends B a sum of money, and A, at the request of B, accepts a bill of exchange drawn by B upon A to secure the amount. C, the holder of the bill, demands payment of it from A, and, on A's refusal to pay, sues him upon the bill. A, not having reasonable grounds for so doing, defends the suit, and has to pay the amount of the bill and costs. He can recover from B the amount of the bill, but not the sum paid for costs, as there was no real ground for defending the action. (c) A guarantees to C, to the extent of 2,000 rupees, payment for rice to be supplied by C to B. C supplies to B rice to a less amount than 2,000 rupees, but obtains from A payment of the sum of 2,000 rupees in respect of the rice supplied. A cannot recover from B more than the price of the rice actually supplied.

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 Enactments repealed.-Nothing herein contained shall affect the provisions of any Statute, Act or Regulation not hereby expressly repealed, nor any usage or custom of trade, nor any incident of any contract, not inconsistent with the provisions of this Act.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",.....

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.....

Indian Contract Act, 1872 Chapter 8

Title: Of Indemnity and Guarantee

State: Central

Year: 1872

.....of a certain sum of 200 rupees. This is a contract of indemnity. Section 125 - Rights of indemnity- holder when sued The promisee in a contract of indemnity, acting within the scope of his authority, is entitled to recover from the promisor (1) all damages which he may be compelled to pay in any suit in respect of any matter to which the promise to indemnify applies; (2) all costs which he may be compelled to pay in any such suit if, in bringing or defending it, he did not contravene the orders of the promisor, and acted as it would have been prudent for him to act in the absence of any contract of indemnity, or if the promisor authorized him to bring or defend the suit; (3) all sums which he may have paid under the terms of any compromise of any such suit, if the compromise was not contrary to the orders of the promisor, and was one which it would have been prudent for the promisee to make in the absence of any contract of indemnity, or if the promisor authorized him to compromise the suit. Section 126 - Contract of guarantee, Surety, Principal debtor and creditor A contract of guarantee is a contract to perform the promise, or discharge the liability, of a.....

Indian Contract Act, 1872 Section 9

Title: Promises, Express and Implied

State: Central

Year: 1872

In so far as the proposal or acceptance of any promise is made in words, the promise is said to be express. In so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.

Indian Contract Act, 1872 Chapter 10

Title: Agency

State: Central

Year: 1872

.....ratifying unauthorized act forming part of a transaction A person ratifying any unauthorized act done on his behalf ratifies the whole of the transaction of which such act formed a part. Section 200 - Ratification of unauthorized act cannot injure third person An act done by one person on behalf of another, without such other person's authority, which, if done with authority, would have the effect of subjecting a third person to damages, or of terminating any right or interest of a third person, cannot, by ratification, be made to have such effect. Illustration (a) A, not being authorized thereto by B, demands, on behalf of B, the delivery of a chattel, the property of B, from C, who is in possession of it. This demand cannot be ratified by B, so as to make C liable for damages for his refusal to deliver. (b) A holds a lease from B, terminable on three months' notice. C, an unauthorized person, gives notice of termination to A. The notice cannot be ratified by B, so as to be binding on A. Section 201 - Termination of agency An agency is terminated by the principal revoking his authority; or by the agent renouncing the business of the agency; or by the business of.....

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.

Indian Contract Act, 1872 Section 25

Title: Agreement Without Consideration, Void, Unless It is in Writing and Registered, or is a Promise to Compensate for Something Done, or is a Promise to Pay a Debt Barred by Limitation Law

State: Central

Year: 1872

.....pay A's expenses in so doing. This is a contract. (e) A owes B Rs. 1,000, but the debt is barred by the Limitation Act. A signs a written promise to pay B Rs. 500 on account of the debt. This is a contract. (f) A agrees to sell a horse worth Rs. 1,000 for Rs. 10. A's consent to the agreement was freely given. The agreement is a contract notwithstanding the inadequacy of the consideration. (g) A agrees to sell a horse worth Rs. 1,000 for Rs. 10. A denies that his consent to the agreement was freely given. The inadequacy of the consideration is a fact which the Court should take into account in considering whether or not A's consent was freely given. ______________________ 1. Substituted by Act 12 of 1891, section 2 and Schedule II Pt. I, for "assurances".

Indian Contract Act, 1872 Section 40

Title: Person by Whom Promise is to Be Performed

State: Central

Year: 1872

If it appears from the nature of the case that it was the intention of the parties to any contract that any promise contained in it should be performed by the promisor himself, such promise must be performed by the promisor. In other cases, the promisor or his representatives may employ a competent person to perform it. Illustrations (a) A promises to pay B a sum of money. A may perform this promise, either by personally paying the money to B or by causing it to be paid to B by another; and, if A dies before the time appointed for payment, his representatives must perform the promise, or employ some proper person to do so. (b) A promises to paint a picture for B. A must perform this promise personally.

Indian Contract Act, 1872 Section 52

Title: Order of Performance of Reciprocal Promises

State: Central

Year: 1872

Where the order in which reciprocal promises are to be performed is expressly fixed by the contract, they shall be performed in that order; and, where the order is not expressly fixed by the contract, they shall be performed in that order which the nature of the transaction requires. Illustrations (a) A and B contract that A shall build a house for B at a fixed price. A's promise to build the house must be performed before B's promise to pay for it. (b) A and B contract that A shall make over his stock-in-trade to B at a fixed price, and B promises to give security for the payment of the money. A's promise need not be performed until the security is given, for the nature of the transaction requires that A should have security before he delivers up his stock.