Sage-Tips

What is Section 131 of Indian Contract Act?

Section 131 in The Indian Contract Act, 1872. 131. Revocation of continuing guarantee by surety’s death. —The death of the surety operates, in the absence of any contract to the contrary, as a revocation of a continuing guarantee, so far as regards future transactions.

Which section of Indian Contract Act, 1872 define the term?

The term Contract has been defined under Section 2 (h) of the Indian Contract Act ,1872. It defines a Contract as an Agreement enforceable by law.

What are the conditions of a contract under Indian Contract Act, 1872?

A contract defined under Section-2(h) of The Contract Act, 1872(hereinafter referred to as “the act”) means “any agreement which is enforceable by law”. Contracts can be written by using formal or informal terms, or could be entirely verbal or spoken.

What is the provision of section 180 of Indian Contract Act 1872?

—If a third person wrongfully deprives the bailee of the use of possession of the goods bailed, or does them any injury, the bailee is entitled to use such remedies as the owner might have used in the like case if no bailment had been made; and either the bailor or the bailee may bring a suit against a third person for …

What is Section 130 of Indian contract Act?

Section 130 of Indian Contract Act 1872 : “Revocation of continuing guarantee” 130. A continuing guarantee may at any time be revoked by the surety, as to future transactions, by notice to the creditor.

What is Contract Act 1872 Pakistan?

The general law of contract in Pakistan is contained in the Contract Act 1872 which is the main source of law regulating contracts in Pakistan. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them.

What is the object and scope of Indian Contract Act, 1872?

Lawful Object: – Section 23 of the Indian Contract Act, 1872, The consideration or object of an agreement is lawful, unless it is forbidden by law; or is of such a nature that, if permitted, it would defeat the provisions of any law; or is fraudulent; or involves or implies injury to the person or property of another; …

What is Indian Contract Act, 1872 Essential features of valid contract?

Valid Contracts are enforceable in the Court of Law. An agreement which has fulfilled all the essentials elements like free consent, competent parties, lawful consideration and object etc provided under section 10 of Indian Contract Act,1872 is a valid contract.

What is the object & scope of the Indian Contract Act, 1872?

What is difference between pledge and Bailment?

A Bailment is a transfer or delivery of movable goods/property from one party/person to another person/party for any specific task or service or promise. On the other hand, Pledge is defined as the delivery of movable asset/goods/property to secure debt/ loan or performance of a contract or promise.

What are the rights of Bailee?

Thus when the goods have been delivered by several for of owners, Bailee can return goods any one of the owner if there is no contrary Agreement. Right to recover charges Right to return the goods in cases of joint bailers [S. 165] Right of Compensation [S. 164] Right to apply to the court [S.

What are the rights of Pawnee?

Pawnee has a right to retain the goods pledged until payment of debt, interest and any other expense incurred for maintenance of such goods. He has a right to sue for the sale of goods pledged and the payment of money due to him. Pawnee has a right to seek reimbursement of extraordinary expenses incurred.

What is Indian Contract Act 1872 summary note?

Indian Contract Act 1872 Summary Note ✅ The Indian Contract Act is divisible into two parts. First part (Section 1-75) deals with the general principles of the law of contract. Second part (Sections 124-238) deals with certain special kinds of contracts.

What is section 124-238 of the Indian Contract Act?

The second part (Sections 124-238) deals with certain special kinds of contracts, namely contracts of Indemnity and Guarantee, Bailment, Pledge, and Agency. 2 What is Contract? What is Contract? According to section 2 (h) of the Indian Contract Act, 1872 “ An agreement enforceable by law is a contract.

When is an agreement a contract in India?

Section 10 of the Indian Contract Act, 1872 provides that “ all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void ”.

What is bailment under Indian Contract Act?

Section 148 in The Indian Contract Act, 1872 provides for bailment, what is bailment? As per Sec. 148 ‘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 directions of the person delivering them.’