Bare Act Search Results

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.....

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.....

Forward Contracts (Regulation) Act, 1952 Complete Act

State: Central

Year: 1952

FORWARD CONTRACTS (REGULATION) ACT, 1952 FORWARD CONTRACTS (REGULATION) ACT, 1952 74 of 1952 26th December, 1952 STATEMENTS OF OBJECTS AND REASONS "Forward trading, which normally plays a useful part in tempering price fluctuations, tends in certain situations to exaggerate such fluctuation to the detriment of the interests of producers as well as consumers. An Act to provide for the regulation of certain matters relating to forward contracts, the prohibition of options in goods and for matters connected therewith. BE it enacted by Parliament as follows :- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may he called The Forward Contracts (Regulation) Act, 1952. (2) It extends2to the whole of India,3[* * * * * *] (3) Chapter 1 shall come into force at once, and the remaining provisions shall come into force on such date or dales as the Central Government may by notification in the Official Gazette, appoint.4and different dales may he appointed for different provisions of this Act. for different Stales or areas and for different goods or classes of goods. SECTION 02: DEFINITIONS - In this Act, unless the context otherwise requires,- (a) "association".....

Securities Contracts (Regulation) Act, 1956 Complete Act

State: Central

Year: 1956

.....which, inter alia, are stated as under:" (i) A view was expressed before the Standing Committee that since under Section 30 of the Indian Contract Act, 1872, the contracts which are cash settled are classified as wagers and trading in wagers is null and void, the index future which are always cash settled would also be classified as wagers under the said Act. Due to this, no proceedings to enforce an index future contract either by an exchange against a defaulting broker or client against his broker would stand the legal scrutiny before the court of law. The Committee was, therefore, of the view that there was no harm in having an overriding provision as a matter of abundant caution. They, therefore, suggested the incorporation of the following provision in the Bill, namely: " "Notwithstanding anything contained in any other Act, contracts in derivatives as per this Act shall be legal and valid."; (ii) The Committee was convinced that stock exchanges which are presently working would be better equipped to undertake trading in derivatives in a sophisticated environment. They further observed that most of these exchanges have already been modernised having state-of- the-art.....

Indian Contract Act, 1872 Chapter 2

Title: Of Contracts, Voidable Contracts and Void Agreements

State: Central

Year: 1872

.....him to enter into the contract : (1) the suggestion, as a fact, of that which is not true, by one who does not believe it to be true; (2) the active concealment of a fact by one having knowledge or belief of the fact; (3) a promise made without any intention of performing it; (4) any other act fitted to deceive; (5) any such act or omission as the law specially declares to be fraudulent. Explanation.-Mere silence as to facts likely to affect the willingness of a person to enter into a contract is not fraud, unless the circumstances of the case are such that, regard being had to them, it is the duty of the person keeping silence to speak2 , or unless his silence is, in itself, equivalent to speech. Illustrations (a) A sells, by auction, to B, a horse which A knows to be unsound. A says nothing to B about the horse's unsoundness. This is not fraud in A. (b) B is A's daughter and has just come of age. Here, the relation between the parties would make it A's duty to tell B if the horse is unsound. (c) B says to A-"If you do not deny it, I shall assume that the horse is sound." A says nothing. Here, A's silence is equivalent to speech. (d) A and B, being.....

INDIAN CONTRACT ACT, 1872 Section 17

Title: 'Fraud' defined

State: Central

Year: 1872

.....by his agent1 , with intent to deceive another party thereto or his agent, or to induce him to enter into the contract : (1) the suggestion, as a fact, of that which is not true, by one who does not believe it to be true; (2) the active concealment of a fact by one having knowledge or belief of the fact; (3) a promise made without any intention of performing it; (4) any other act fitted to deceive; (5) any such act or omission as the law specially declares to be fraudulent. Explanation.-Mere silence as to facts likely to affect the willingness of a person to enter into a contract is not fraud, unless the circumstances of the case are such that, regard being had to them, it is the duty of the person keeping silence to speak2 , or unless his silence is, in itself, equivalent to speech. Illustrations (a) A sells, by auction, to B, a horse which A knows to be unsound. A says nothing to B about the horse's unsoundness. This is not fraud in A. (b) B is A's daughter and has just come of age. Here, the relation between the parties would make it A's duty to tell B if the horse is unsound. (c) B says to A-"If you do not deny it, I shall assume that the horse is sound.".....

Forward Contracts (Regulation) Act, 1952 Chapter IV

Title: Forward Contracts and Options in Goods

State: Central

Year: 1952

.....goods entered into in pursuance of sub-section (1) which is in contravention of any of the bye-laws specified in this behalf under clause (a) of sub-section (3) of section 11 shall be void-- (i) as respects the rights of any member of the recognised association who has entered into contract in contravention of any, such bye-law, and also (ii) as respects the rights of any other person who has knowingly participated in the transaction entailing such contravention. (3) Nothing in sub-section (2) shall affect the right of any person other than a member of the recognised association to enforce any such contract or to recover any sum under or in respect of such contract: Provided that such person had no knowledge that such transaction was in contravention of any of the bye-laws specified under clause (a) of sub-section (3) of section 11. 1[(3A) Any forward contract in goods entered into in pursuance of sub-section (1), which at the date of the contract is in contravention of any of the bye-laws specified in this behalf under clause (aa) of sub-section (3) of section 11 shall be illegal.] (4) No member of a recognised association shall, in respect of any goods specified in.....

Forward Contracts (Regulation) Act, 1952 Section 15

Title: Forward Contracts in Notified Goods Illegal or Void in Certain Circumstances

State: Central

Year: 1952

.....goods entered into in pursuance of sub-section (1) which is in contravention of any of the bye-laws specified in this behalf under clause (a) of sub-section (3) of section 11 shall be void-- (i) as respects the rights of any member of the recognised association who has entered into contract in contravention of any, such bye-law, and also (ii) as respects the rights of any other person who has knowingly participated in the transaction entailing such contravention. (3) Nothing in sub-section (2) shall affect the right of any person other than a member of the recognised association to enforce any such contract or to recover any sum under or in respect of such contract: Provided that such person had no knowledge that such transaction was in contravention of any of the bye-laws specified under clause (a) of sub-section (3) of section 11. 1[(3A) Any forward contract in goods entered into in pursuance of sub-section (1), which at the date of the contract is in contravention of any of the bye-laws specified in this behalf under clause (aa) of sub-section (3) of section 11 shall be illegal.] (4) No member of a recognised association shall, in respect of any goods specified in.....

Securities Contracts Regulation Act, 1956 (42 of 1956) Section 14

Title: Contracts in Notified Areas to Be Void in Certain Circumstances

State: Central

Year: 1956

(1) Any contract entered into any State or area specified in the notification under section 13 which is in contravention of any of the bye-laws specified in that behalf under clause (a) of sub-section (3) of section 9 shall be void (i) as respects the rights of any member of the recognised stock exchange who has entered into such contract in contravention of any such bye-law, and also (ii) as respects the rights of any other person who has knowingly participated in the transaction entailing such contravention. (2) Nothing in sub-section (1) shall be construed to affect the right of any person other than a member of the stock exchange to enforce any such contract or to recover any sum under or in respect of such contract if such person had no knowledge that the transaction was in contravention of any of the bye-laws specified in clause (a) of sub-section (3) of section 9.

Indian Penal Code (45 of 1860) Section 241

Title: Delivery of Coin as Genuine, Which, when First Possessed, the Deliverer Did Not Know to Be Counterfeit

State: Central

Year: 1860

Whoever delivers to any other person as genuine, or attempts to induce any other person to receive as genuine, any counterfeit coin which he knows to be counterfeit, but which he did not know to be counterfeit at the time when he took it into his possession, shall be punished with imprisonment of either description for a term which may extend to two years, or with fine to an amount which may extend to ten times the value of the coin counterfeited, or with both. Illustration A, a coiner, delivers counterfeit Company's rupees to his accomplice B, for the purpose of uttering them. B sells the rupees to C, another utterer, who buys them knowing them to be counterfeit. C pays away the rupees for goods to D, who receives them, not knowing them to be counterfeit. D, after receiving the rupees, discovers that they are counterfeit and pays them away as if they were good. Here D is punishable only under this section, but B and C are punishable under section 239 or 240, as the case may be.