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Notice of revocation or renunciation
third persons :
208 209 210
AGENT'S DUTY TO PRINCIPAL.
Agent's duty in conducting principal's business
agency without principal's consent
in business of agency
216 217 218 219 220
PRINCIPAL'S DUTY TO AGENT.
Agent to be indemnified against consequences of lawful acts
223 224 225
EFFECT OF AGENCY ON CONTRACTS WITH THIRD PERSONS.
Enforcement and consequences of agent's contracts .
or agent will be held exclusively liable
ib. 231 232 233
234 235 236
239 Firm' defined
3. Lender not a partner by advancing money for share of profits. Property left in business by retiring partner, or deceased partner's representative.
241 Servant or agent remunerated by share of profits, not a partner
242 Widow or child of deceased partner receiving annuity out of profits, not a partner,
243 Person receiving portion of profits for sale of good-will, not a partner 244 Responsibility of person leading another to believe him a partner.
245 Liability of person permitting himself to be represented as a partner 246 Minor partner not personally liable, but his share is
247 Liability of minor partner on attaining majority
248 Partner's liability for debts of partnership
249 Partner's liability to third person for neglect or fraud of co-partner 250 Partner's power to bind co-partners
251 Annulment of contract defining partners' rights and obligations
252 Rules determining partners' mutual relations, where no contract to contrary.
253 When Court may dissolve partnership
254 Dissolution of partnership by prohibition of business
255 Rights and obligations of partners in partnership continued after expiry of term for which it was entered into
256 General duties of partners
257 Account, to firm, of benefit derived from transaction affecting partner
ship Obligations, to firm, of partner carrying on competing business
259 Revocation of continuing guarantee by change in firm Non-liability of deceased partner's estate for subsequent obligations Payment of partnership-debts, and of separate debts
262 Continuance of partners' rights and obligations after dissolution
263 Notice of dissolution
264 Right of partners to apply for winding-up by Court after termination of partnership
365 Limited liability partnerships, incorporated partnerships, and joint stock
266 SCHEDULE. Enactments repealed
ACT No. IX OF 1872.
PASSED BY THE GOVERNOR GENERAL OF
INDIA IN COUNCIL.
(Received the assent of the Governor General on the 25th April,
The Indian Contract Act, 1872.
Whereas it is expedient to define and amend certain parts Preamble. of the law relating to contracts 1; It is hereby enacted as follows:
PRELIMINARY. 1. This Act may be called “The Indian Contract Act, Short title. 1872. It extends to the whole of British India ; and it shall come Extent.
Commenceinto force on the first day of September, 1872 2.
ment. The enactments mentioned in the schedule hereto are re- Enact
ments pealed to the extent specified in the third column thereof; but
repealed. nothing herein contained shall affect the provisions of any Statute 3, Act *, or Regulation 5 not hereby expressly repealed,
The Act is and purports to be Calcutta): 17 & 18 Vic. c. 104. only a partial measure, 3 Bom, 113: sec. 544, as to contracts with lascars 10 Cal. 18
or native seamen: 21 & 22 Vic, c. ? i.e. as to contracts entered into, 106. secs. 39, 67, as to contracts of after that day. That Act IX of 1872 the late E. I. Company, ibid. sec. 40: has no retrospective effect, see 12 Ben. contracts of the Secretary of State 438 : 5 Moo. I. A. 109, 127,
in Council, ibid. sec. 40, and 22 & 23
J. i1: but in 14 Ben. 76, 85 Acts mentioned in the note to sec. 10
nor any usage or custom of trade, nor any incident of any
contract, not inconsistent with the provisions of this Act”. Inter- 2. In this Act the following words and expressions are used pretation in the following senses, unless a contrary intention appears clause
from the context:Proposal.' (a.)-When one person signifies to another his willingness
to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he
is said to make a proposal : • Promise, (6.)—When the person to whom the proposal is made signi
fies his assent thereto, the proposal is said to be accepted. A
proposal, when accepted, becomes a promise * : Promisor' (c.) The person making the proposal is called the promisor,
— and pro- and the person accepting the proposal is called the 'promisee :'
. "Consider- (d.)— When, at the desire of the promisor, the promisee or ation.' any other person has done or abstained from doing, or does
5 or abstains from doing, or promises to do or to abstain from doing, something ®, such act or abstinence or promise is called a consideration for the promise?:
1 e.g. the customary law relating
But the custom must be reasonable :
As to the origin and binding force of customary law, see 3 Mad. H. C. 50, per Holloway J. And as to the evidence necessary to establish a valid custom or usage, 4 Bom. H. C., A. C. J. 113: 11 Bom. 270.
2 The words not inconsistent' etc. apply to any usage or custom of
trade,' as well as to “any incident of any contract,' 14 Ben. 76, 84, 85. Quaere therefore whether the rule that the obligation on a bill of exchange or promissory note may be raised without consideration is still in force in India.
3 See also the General Clauses Act, supra, p. 487.
According to this definition, taken with that of proposal, the scope
of promises is confined to conduct on the part of the promisor.
4 Mad. 137 (when A granted a share in a zamindårí to B and directed Bto make an annual payment to C, and B, by a contemporaneous agreement with C, promised to carryout A's direction),6 Mad. 354, 355. For an instance in which an expenditure was held not to be a consideration, see 3 All
. 221. 6 Words are wanted to show that the consideration must be of some value. The following are suggested : "and the promisee or such other person did or does thereby undertake some burden or lose some thing which in contemplation of law may be of value.' See Pollock, Contract, 167.
? The Indian Act keeps the doubt
(e.)—Every promise and every set of promises, forming the ' Agreeconsideration for each other, is an agreement :
(f.)—Promises which form the consideration or part of the 'Reciconsideration for each other, are called reciprocal promises :
promises.' (9.)-An agreement not enforceable by law is said to be 'Void void :
ment.' (h.)—An agreement enforceable by law is a contract : *Contract.'
(i.)- An agreement which is enforceable by law at the Voidable option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract :
(3.)—A contract which ceases to be enforceable by law be- 'Void comes void when it ceases to be enforceable 1.
ful doctrine that a consideration executed on actual request will support a subsequent express promise, Polo lock, Contract, 4th ed. 172.
· Better say: 'A contract which ceases to be enforceable by law at the suit of a party thereto becomes
a void agreement when it ceases to