Important Sections of the Indian Contract Act

Important Sections of Indian Contract Act — Important Sections of Contract Act

Indian Contract Act, 1872, is the primary act that prescribes and regulates the law relating to contracts in India. It is important not only for all legal exams like the judiciary, but its applications are widespread in our daily lives too. When you are preparing for a law exam, having a list of important bare act sections is always useful. So here are all the most important sections of the Contract Act. Focus well on these and prepare for your judiciary exams and semester law exams.

Important Sections of the Contract Act

Section 2 – Interpretation-clause.
Section 3 – Communication, acceptance and revocation of proposals.
Section 4 – Communication when complete.
Section 5 – Revocation of Proposals and acceptance.
Section 6 – Revocation how made.

Section 10 – What agreements are contracts?
Section 11 – Who are competent to contract?
Section 12 – What is a sound mind for the purposes of contracting?

Section 13 – “Consent” defined.
Section 14 – “Free consent” defined.
Section 15 – “Coercion” defined.
Section 16 – “Undue influence” defined.
Section 17 – “Fraud” defined.
Section 18 – “Misrepresentation” defined.

Section 20 – Agreement void where both parties are under mistake as to matter of fact.
Section 21 – Effect of mistake as to law.
Section 22 – Contract caused by mistake of one party as to matter of fact.
Section 23 – What consideration and objects are lawful, and what not.
Section 24 – Agreements void, if consideration are objects unlawful in part.

Section 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.
Section 26 – Agreement in restraint of marriage, void.
Section 27 – Agreement in restraint of trade, void.
Section 28 – Agreements in restrain of legal proceedings, void.
Section 29 – Agreements void for uncertainty.
Section 30 – Agreements by way of wager, void.

Section 31 to Section 36 – CHAPTER III, Contingent Contracts.
Section 62 – Effect of novation, rescission, and alteration of contract.
Section 68 to Section 75 – CHAPTER V, Certain Relations Resembling those Created by Contract.

Section 124 – “Contract of indemnity” defined.
Section 125 – Right of indemnity-holder when sued.
Section 126 – “Contract of guarantee”, “surety”, “principal debtor” and “creditor”.

Section 129 – Continuing guarantee.
Section 134 – Discharge of surety by release or discharge of principal debtor.
Section 135 – Discharge of surety when creditor compounds with, gives time to, or agrees not to sue, principal debtor.
Section 138 – Release of one co-surety does not discharge other.
Section 139 – Discharge of surety by creditor’s act or omission impairing surety’s eventual remedy.

Section 148 to Section 153 – CHAPTER IX, Bailment.
Section 172 – “Pledge”, “Pawnor”, and “Pawnee” defined.
Section 173 – Pawnee’s right of retainer.
Section 176 – Pawnee’s right where pawnor makes default.

Section 182 – “Agent” and “principal” defined.
Section 197 – Ratification may be expressed or implied.

These were all the essential and most important sections of the Indian Contract Act. However, do not assume that you can completely ignore other sections.

Contract Act for Judiciary and Law Exams

Make a proper time strategy and devote most of your time to these and give glances to the rest. One important precaution you must take is to match the list above with the syllabus of your exam. Many MCQs are frequently asked from Contract Act. You must see the definitions with proper attention.