THE INDIAN CONTRACT ACT, 1872

What agreements are contracts —All agreements are contracts if they are made by the freeconsent of parties competent to contract, for a lawful consideration and with a lawful object, and are nothereby expressly declared to be void.Nothing herein contained shall affect any law in force in 1[India] and not hereby expressly repealed by which any […]

Promises, express and implied In so far as the proposal or acceptance of any promise is madein words, the promise is said to be express. In so far as such proposal or acceptance is made otherwisethan in words, the promise is said to be implied. Practice area’s of B K Goyal & Co LLP Income

Acceptance by performing conditions, or receiving consideration Performance of theconditions of a proposal, or the acceptance of any consideration for a reciprocal promise which may beoffered with a proposal, is an acceptance of the proposal. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax

Acceptance must be absolute —In order to convert a proposal into a promise, the acceptancemust—(1) be absolute and unqualified;(2) be expressed in some usual and reasonable manner, unless the proposal prescribes the mannerin which it is to be accepted. If the proposal prescribes a manner in which it is to be accepted, and theacceptance is

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 soprescribed, by the lapse of a reasonable time, without communication of the acceptance;(3) by the failure

Revocation of proposals and acceptances A proposal may be revoked at any time before thecommunication 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 completeas against the acceptor, but not afterwards. Practice area’s of B K Goyal &

Communication when complete The communication of a proposal is complete when it comesto 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 as to be out of thepower of the acceptor;as against the

Communication, acceptance and revocation of proposals The communication of proposalsthe acceptance of proposals, and the revocation of proposals and acceptances, respectively, are deemed tobe made by any act or omission of the party proposing, accepting or revoking by which he intends tocommunicate such proposal, acceptance or revocation, or which has the effect of communicating it.

Interpretation-clause —In this Act the following words and expressions are used in the followingsenses, unless a 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 other to such act or abstinence, he is said

Short title This Act may be called the Indian Contract Act, 1872.Extent, Commencement.—It extends to the whole of India 2[except the State of Jammu andKashmir]; and it shall come into force on the first day of September, 1872.Saving—3*** Nothing herein contained shall affect the provisions of any Statute, Act or Regulationnot hereby expressly repealed, nor