List of Important Contract Act Sections

Section 2 – Interpretation-clause.
Section 3 – Communication, acceptance and revocation of proposals.
Section 4 – Communication when complete.
Section 5 – Revocation of Proposals and acceptance.
Section 6 – Revocation how made.
Section 10 – What agreements are contracts?
Section 11 – Who are competent to contract?KEEP READING

Contract of Bailment Rights and Duties of Bailor and Bailee Contract Act

CONTRACT OF BAILMENT – Section 148-181
Contract of Bailment is defined under section 148 of Indian Contract Act.

A bailment is the delivery of goods by one person to another for some purpose, upon a contract, if the purpose is accomplished the property must be returned back or otherwise disposed off according to the direction of the person delivering them.KEEP 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

3. Communication, acceptance and revocation of proposals. The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptance, respectively, are deemed to be made by any act or omission of the party proposing, accepting or revoking, by which he intends to communicated such proposal, acceptance orKEEP READING

4. Communication when complete. The communication of a proposal is complete when it becomes to the knowledge of the person to whom it is made.  The communication of an acceptance is complete- as against the proposer, when it is put in a course of transmission to him so at to beKEEP READING

5. Revocation of Proposals and acceptance. A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards.  An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, butKEEP READING

6. Revocation how made. A proposal is revoked- (1) by the communication of notice of revocation by the proposer to the other party; (2) by the lapse of the time prescribed in such proposal for its acceptance, or, if no time is so prescribed, by the lapse of a reasonableKEEP READING

7. Acceptance must be absolute. In order to convert a proposal into a promise the acceptance must- (1) be absolute and unqualified. (2) be expressed in some usual and reasonable manner, unless the proposal prescribes the manner in which it is to be accepted. If the proposal prescribes a mannerKEEP READING

8. Acceptance by performing conditions, or receiving consideration. Performance of the conditions of proposal, for the acceptance of any consideration for a reciprocal promise which may be offered with a proposal, is an acceptance of the proposal. Read Contract Act in a systematic way. Read Contract Act each section wise.KEEP READING

9. Promise, express and implied. 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. Read ContractKEEP READING