Business Studies

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THE CONTRACT ACT, 1872
CONTENTS SECTIONS PRELIMINARY 1. Short title Extent Commencement Enactments repealed 2. Interpretation-clause CHAPTER I OF THE COMMUNICATION, ACCEPTANCE AND REVOCATION OF PROPOSALS 3. Communication, acceptance and revocation of proposals 4. Communication when complete 5. Revocation of proposals and acceptances 6. Revocation how made 7. Acceptance must be absolute 8. Acceptance by performing, conditions, or receiving consideration 9. Promises, express and implied CHAPTER II OF CONTRACTS, VOIDABLE CONTRACTS AND VOID AGREEMENTS 10. What agreements are contracts 11. Who are competent to contract 12. What is a sound mind for the purposes of contracting 13. "Consent” defined 14. "Free consent" defined 15. "Coercion" defined 16. "Undue influence" defined 17. "Fraud" defined 18. "Misrepresentation" defined 19. Viodability of agreements without free consent 19A. Power to set aside contract induced by undue influence 20. Agreement void where both parties are under mistake as to matter of fact 21. Effect of mistakes as to law 22. Contract caused by mistake of one party as to matter of fact 23. What considerations and objects are lawful and what not

Void Agreements 24. Agreements void, if considerations and objects unlawful in part 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 26. Agreement in restraint of marriage void 27. Agreement in restraint of trade void Saving of agreement not to carry on business of which good- will is sold 28. Agreements in restraint of legal proceedings void Saving of contract to refer to arbitration dispute that may arise Suits barred by such contracts Saving of contract to refer questions that have already arisen 29. Agreements void for uncertainty 30. Agreements by way of wager void Exceptions in favour of certain prizes for horse-racing. Section 294A of the Penal Code not affected 30A. Agreements collateral to wagering agreements void 30B. No suit for recovery of money, commission etc., in respect of void agreements 30C. Payment by guardian, executor, etc., in respect of void agreements not to be allowed credit CHAPTER III OF CONTINGENT CONTRACTS 31. "Contingent contract" defined 32. Enforcement of contracts contingent on an event happening 33. Enforcement of contracts contingent on an event not happening 34. When event on which contract is contingent to be deemed impossible, if it is the future conduct of a living person 35. When contracts become void which are contingent on happening of specified event within fixed time When contracts may be enforced which are contingent on specified event not happening within fixed time 36. Agreement contingent on impossible events void CHAPTER IV OF THE PERFORMANCE OF CONTRACTS Contracts which must be performed 37. Obligation of parties to contracts 38. Effect of refusal to accept offer of performance 39. Effect of refusal of party to perform promise wholly By whom Contracts must be performed 40. Person by whom promise is to be performed 41. Effect of accepting performance from third person 42. Devolution of joint liabilities 43. Any one of joint promisors may be compelled to perform Each promisor may compel contribution Sharing of loss by default in contribution

t of release of one joint promisor 45. Devolution of joint rights Time and Place for Performance 46. Time for performance of promise where no application is to be made and no time is specified 47. Time and place for performance of promise where time is specified and no application to be made 48. Application for performance on certain day to be at proper time and place 49. Place for performance of promise were no application to be made and no place fixed for performance 50. Performance in manner or at time prescribed or sanctioned by promisee Performance of Reciprocal Promises 51. Promisor not bound to perform, unless reciprocal promisee...
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