182. “Agent” and “principal” defined. An “agent” is a person employed to do any act for another, or to represent another in dealing with third persons. The person for whom such act is done, or who is so represented, is called the “principal“. Law Note: Contract of Agency – Characteristics,KEEP READING
201. Termination of Agency. An agency is terminated by the principal revoking his authority, or by the agent renouncing the business of the agency; or by the business of the agency being completed; or by either the principal or agent dying or becoming of unsound mind; or by the principalKEEP READING
The features or characteristics of a contract of agency can be learnt from sections 183 to 185 of the Indian Contract Act.KEEP READING
189. Agent’s authority in an emergency. An agent has authority, in an emergency, to do all such acts for the purpose of protecting his principal from loss and would be done by a person or ordinary prudence, in his own case, under similar circumstances. Illustrations- (a) An agent for saleKEEP READING
185. Consideration not necessary. No consideration is necessary to create an agency. Law Note: Contract of Agency – Characteristics, Formation and Termination Read Contract Act in a systematic way. Download beautiful, mobile-friendly Contract Act PDF.KEEP READING
184. Who may be an agent. As between the principal and third persons, any person may become an agent, but no person who is not of the age of majority and sound mind can become an agent, so as to be responsible to the principal according to the provisions inKEEP READING
183. Who may employ agent. Any person who is of the age of majority according to the law to which he is subject, and who is of sound mind, may employ an agent. Law Note: Contract of Agency – Characteristics, Formation and Termination Read Contract Act in a systematic way.KEEP READING
10. What agreements are contracts? 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. Nothing herein contained shall affect any law in force inKEEP READING
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. An agreement made without consideration is void, unless- (1) It is expressed in writing and registered under theKEEP READING
The essential elements or necessary conditions of an agreement to become a valid contract are: 1. More than one party. 2. Agreement…KEEP READING
Section 4 of the Indian Contract Act talks about ‘Communication When Complete.’ This Contract Act law note briefly tells you more about it.KEEP READING
1. The person who delivers the goods (movable property) is called the bailor.
2. The person to whom the goods are delivered is called the bailee.
3. And the contract between the bailor and bailee is called the contract of bailment.
The contract of bailment is created only about movable property.KEEP READING
1. Short title.
This Act may be called be the Indian Contract Act, 1872.
Extent, commencement- It extends to the whole of except the State of Jammu and Kashmir; and it shall come into force on the first day of September, 1872.
Enactment repealed:
Saving- Nothing herein contained shall affect the provisionsKEEP READING
3. Communication, acceptance and revocation of proposals.
The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptance, respectively, are deemed to be made by any act or omission of the party proposing, accepting or revoking, by any act or omission of the party proposing, acceptingKEEP READING
10. What agreements are contracts?
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.KEEP READING
31. “Contingent contract” defined.
A “contingent contract” is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.
Illustration-KEEP READING
