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PREAMBLE Contract Act

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.
Enactment repealed:
Saving- Nothing herein contained shall affect the provisionsKEEP READING


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. 
A contracts to pay to B Rs.10,000 if B’s house is burnt. This is a contingent contract.
32. Enforcement of Contracts contingent on an event happening.
Contingent contracts to do or not to do anything in an uncertain future event happens, cannot be enforced by law unless and until that event has happened.KEEP READING


37. Obligations of parties to contract.
The parties to a contract must either perform, or offer to perform, their respective promises, unless such performance in dispensed with or excused under the provision of this Act, or of any other law. 

Promises bind the representative of the promisor in case of the death of such promisors before performance, unless a contrary intention appears from the contract.KEEP READING


68. Claim for necessaries supplied to person incapable of contracting, or on his account.
If a person, incapable of entering into a contract, or anyone whom he is legally bound to support, is supplied by another person with necessaries suited to his condition in life, the person who has furnished such supplies is entitled to be reimbursed from the property of such incapable person.KEEP READING


73. Compensation of loss or damage caused by breach of contract.
When a contract has been broken, the party who suffers by such breach is entitled to receive, form the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usual course of things from such breach, or which the parties knew, when they made the contract, to be likely to result from the breach of it.KEEP READING


124. “Contract of indemnity” defined.
A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity”.

A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of 200 rupees. This is a contract of indemnity.KEEP READING

BAILMENT Indian Contract Act

148. “Bailment”, “bailor” and “bailee” defined.
A “bailment” is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the direction of the person delivering them.

The person delivering the goods is called the “bailor”. The person to whom they are delivered is called the “bailee”.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”.

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.KEEP READING

PARTNERSHIP Indian Contract Act

CHAPTER XI, Section 239 to 266 of Indian Contract Act – Of PARTNERSHIP

This has been repealed By the Indian Partnership Act, 1932 (9 OF 1932), SEC. 73 And Sch. II] Here is the link for Partnership Act, 1932.

Enactments repealed – [Repealed by the Repealing and Amending Act, 1914 (10 of 1914) sec. 3 and Sch. II]KEEP READING