31. “Contingent contract” defined. A “contingent contract” is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen. Illustration– A contracts to pay to B Rs.10,000 if B’s house is burnt. This is a contingent contract. Read the ContractKEEP READING

17. “Fraud” defined. “Fraud” means and includes any of the following acts committed by a party to a contract, or with his connivance, or by his agents, with intent to deceive another party thereto his agent, or to induce him to enter into the contract- (1) the suggestion as aKEEP READING

15. “Coercion” defined. “Coercion” is the committing, or threatening to commit, any act forbidden by the Indian Penal Code or the unlawful detaining, or threatening to detain, any property, to the prejudice of any person whatever, with the intention of causing any person to enter into an agreement. Explanation- ItKEEP READING

16. “Undue influence” defined. (1) A contract is said to be induced by “under influence” where the relations subsisting between the parties are such that one of the parties is in a position to dominate the will of the other and uses that position to obtain an unfair advantage overKEEP READING

18. “Misrepresentation” defined. “Misrepresentation” means and includes – (1) the positive assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true; (2) any breach of duty which, without an intent to deceive, gainsKEEP READING

14. “Free consent” defined. Consent is said to be free when it is not caused by- (1) coercion, as defined in section 15, or (2) undue influence, as defined in section 16, or (3) fraud, as defined in section 17, or (4) misrepresentation, as defined in section 18, or (5)KEEP READING

182. “Agent” and “principal” defined. An “agent” is a person employed to do any act for another, or to represent another in dealing with third persons. The person for whom such act is done, or who is so represented, is called the “principal“. Law Note: Contract of Agency – Characteristics,KEEP READING

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 the agency being completed; or by either the principal or agent dying or becoming of unsound mind; or by the principalKEEP READING

189. Agent’s authority in an emergency. An agent has authority, in an emergency, to do all such acts for the purpose of protecting his principal from loss and would be done by a person or ordinary prudence, in his own case, under similar circumstances. Illustrations- (a) An agent for saleKEEP READING

185. Consideration not necessary. No consideration is necessary to create an agency. Law Note: Contract of Agency – Characteristics, Formation and Termination Read Contract Act in a systematic way. Download beautiful, mobile-friendly Contract Act PDF.KEEP READING

184. Who may be an agent. As between the principal and third persons, any person may become an agent, but no person who is not of the age of majority and sound mind can become an agent, so as to be responsible to the principal according to the provisions inKEEP READING

183. Who may employ agent. Any person who is of the age of majority according to the law to which he is subject, and who is of sound mind, may employ an agent. Law Note: Contract of Agency – Characteristics, Formation and Termination Read Contract Act in a systematic way.KEEP READING

10. What agreements are contracts? All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. Nothing herein contained shall affect any law in force inKEEP READING

25. 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. An agreement made without consideration is void, unless- (1) It is expressed in writing and registered under theKEEP READING

1. Short title. This Act may be called be the Indian Contract Act, 1872. Extent, commencement– It extends to the whole of except the State of Jammu and Kashmir; and it shall come into force on the first day of September, 1872. (The words “except the State of Jammu andKEEP READING

2. Interpretation-clause. In this Act the following words and expressions are used in the following senses, unless 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 otherKEEP READING