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Ratification may be expressed or implied. What is a sound mind for the purposes of contracting. Time and place for indian contracts act pdf download of promise, where time is specified ijdian no application to be made. Further, reasonable notice has to be given by one party to the other; otherwise, damage resulting from want of such notice, will have to be paid Section The law of agency thus governs the legal relationship in which the agent deals with a third party on behalf of the principal.

Termination of sub-agent’s authority. Agency Appointment and Authority of agents.

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Effect, on agreement, of misrepresentation or fraud by agent. Agent’s authority may be express or implied. Return of goods bailed, on expiration of time or indian contracts act pdf download of purpose. Any one of joint promisors may be compelled to perform. Bailor’s responsibility to bailee. Enforcement and consequences of agent’s contract.

According to Section 2 bindain the person to whom the proposal is made, signifies his assent thereto, the proposal is said to be accepted. Reciprocal Promises 2 f: Agent’s right of retainer contacts of sums received on principal’s account.

Pawnee’s right where pawnor makes indian contracts act pdf download. Ratification of unauthorized act cannot injure third person. Guarantee obtained by concealment, invalid. Mere silence is not fraud. Extent of agent’s authority.

Compensation for breach of contract where penalty stipulated for. Devolution of joint rights.

Agreements by way of wager, void. Obligation of person enjoying benefit of non-gratuitous act. Surety not discharged when agreement made with third person to give time to principal debtor.

Further, as per section downlaod, if the agency is for a fixed period, the principal cannot terminate the agency before indian contracts act pdf download time expired, except for sufficient cause. It is hereby enacted as follows: Implied promise to indemnify surety.

Consequence of inducing agent or principal to act on belief that principal or agent will be held exclusively liable.

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From Wikipedia, the free encyclopedia. Indian Contract Act is the main source of law regulating contracts in India. Effect of refusal of party to perform promise wholly. A proposal, when accepted, becomes a promise.

An agreement must be supported by a lawful consideration on both sides. Revocation of continuing guarantee. Principal how far bound, cohtracts agent exceeds authority. Termination of gratuitous bailment by death.

Unlawful Activities Prevention Act. When finder of thing commonly on sale may sell it. In law, the relationship that exists when one person or party the principal engages another the agent to act for him, e. Guarantee obtained by misrepresentation, invalid.

Effect of ratifying unauthorized act forming part of a transaction.