17 Sep Prof. (Dr.) Tabrez Ahmad., Professor and Director, University of Petroleum and Energy Studies (College of Legal Studies). Follow. Published. Complete Indian Contract Act (ICA) presented in a user friendly design with excellent user experience. Divided clearly into Chapters and Sections and unedited. A fully functional, uptodate and FREE application featuring the Indian Contract Act, with latest amendments. No need to refer Bare Act if you have this.
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When an agent’s authority is terminated, it operates as the indian contract act 1872 bare act termination of subagent also. Notice of revocation or renunciation. Revocation of continuing guarantee. The principal also cannot revoke the agent’s authority after it has been partly exercised, so as to bind the principal Sectionthough he can always do so, before such authority has been so exercised Sec Agent’s right of retainer out of sums received on principal’s account.
Application of payment where debt to be discharged is not indicated. Right of indemnity-holder when sued. Agent’s authority in an emergency. Effect of refusal of party to perform promise wholly.
Indian Contract Act, – Wikipedia
Compensation of loss or damage caused by breach of contract. Undue influence Section Relation between principal and person duly appointed by agent to act in business of agency. Mere silence is not fraud. In law, the relationship that exists when one person or party the principal engages another the agent to act for him, ac. Performance, in manner or at time prescribed or sanctioned by promisee. Devolution of joint rights.
Agreements in restraint of legal proceedings, void. Extent of agent’s authority. Rights of surety on payment or performance. Liability of co-sureties bound in different sums. Effect of refusal to accept offer of performance. Effect of neglect of promisee to afford promisor reasonable facilities for the indian contract act 1872 bare act. Effect of mixture, without bailor’s consent, when the goods cannot be separated.
What agreements are contracts. In simple words, when an offer is accepted it becomes promise. Voidable contract 2 i: It is hereby enacted as follows: Suit by bailor or bailee against wrong-doer.
This page was last edited on 20 Julyat Indian Contract Act is the main source of law regulating contracts in India. Agent cannot personally enforce, nor be bound by, contracts on behalf of principal.
General lien of bankers, factors, wharfingers, attorneys and policy brokers. Contract caused by barr of one party as to matter of fact.
Agent’s responsibility for sub-agent appointed without authority. On the one hand, the law of agency is concerned with the external business relations of an economic unit and with the contraft of the various representatives to affect the legal position of the principal.
Agreement void where both parties are under mistake as to matter of fact. Sub-agent who is appointed by an agent for participate on behalf of his work. This consideration or object is clearly opposed to public policy and hence the compounding agreement is unlawful and void the indian contract act 1872 bare act Section 23 of the Act.
Liability of bailee making unauthorized use of goods bailed.
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As per sectionthe revocation or renunciation of an agency may be made expressly or impliedly by conduct. Right of third person claiming goods bailed. Principal how ac bound, when agent exceeds authority. Restoration of goods lent gratuitously.
Indian Contract Act, 1872
Mistake may be bilateral mistake where both parties to an agreement are under mistake as to the matter of fact. Agreements void, if considerations and objects unlawful in part. Reciprocal the indian contract act 1872 bare act to do things legal, and also other things illegal. Guarantee inxian by misrepresentation, invalid. Agent’s duty in naming such person. Hence, the process of concluding a contract through an agent involves a twofold relationship.
Return of goods bailed, on expiration of time or accomplishment of purpose. It is unenforceable as against the Petitioner-Company. When agent’s remuneration becomes due. The developments of modern business world found the provisions contained in the Indian Contract Act inadequate to deal with the new regulations or give effect to the new principles.
Effect of accepting performance from third person. Power to set aside contract induced by undue influence. Time for performance of promise, where no application is to be made and no time is specified.