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India · 1st Year · Law of Contract

Indian Contract Act, 1872

Key sections of the bare act.

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  1. 1.Section 2(h), Indian Contract Act — define "contract".

    An agreement enforceable by law.

    Indian Contract Act 1872, s 2(h)

  2. 2.Section 10 — what agreements are contracts?

    Agreements made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and not expressly declared void.

    ICA 1872, s 10

  3. 3.Section 11 — who is competent to contract?

    A person who is of the age of majority under the law to which they are subject, of sound mind, and not disqualified from contracting by any law.

    ICA 1872, s 11

  4. 4.Section 25 — exceptions to "no consideration, no contract"?

    (1) A written, registered agreement made out of natural love and affection between near relatives; (2) a promise to compensate for something voluntarily done in the past; (3) a written, signed promise to pay a time-barred debt.

    ICA 1872, s 25

  5. 5.Section 27 — agreements in restraint of trade?

    Void, except an agreement by the seller of goodwill not to carry on a similar business within specified local limits, so far as reasonable.

    ICA 1872, s 27

  6. 6.Section 56 — doctrine?

    Frustration / supervening impossibility: an agreement to do an act impossible in itself is void, and a contract becomes void when the act becomes impossible or unlawful after it is made.

    ICA 1872, s 56

  7. 7.Section 73 vs Section 74?

    s 73: compensation for loss naturally arising from breach or known to the parties as likely (no remote or indirect loss). s 74: where a sum is named or a penalty stipulated, reasonable compensation not exceeding that amount.

    ICA 1872, ss 73–74