Bare Acts - IPCC / PCC - Business Law

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA) (8311 Points)

20 August 2010

Indian Contract Act, 1872

CONTENTS
Sections	Particulars
	Preamble

	Preliminary
1	Short title
2	Interpretation clause

Chapter I	Of the communication, acceptance and revocation of proposals
3	Communication, acceptance and revocation of proposals
4	Communication when complete
5	Revocation of proposals and acceptances
6	Revocation how made
7	Acceptance must be absolute
8	Acceptance by performing conditions, or receiving consideration
9	Promises, express or implied

Chapter II	Of contracts, violable contracts and void agreements
10	What agreements are contracts
11	Who are competent to contract
12	What is a sound mind for the purposes of contracting
13	"Consent" defined
14	"Free consent" defined
15	"Coercion" defined
16	"Undue influence" defined
17	"Fraud" defined
18	"Misrepresentation" defined
19	Voidability of agreements without free consent
19A	Power to set aside contract induced by undue influence
20	Agreement void where both parties are under mistake as to matter of fact
21	Effect of mistakes as to law
22	Contract caused by mistake of one party as to matter of fact
23	What considerations and objects are lawful, and what not
24	Agreements void, if consideration and objects unlawful in part
25	Agreement without consideration void, unless it is in writing and registered, or is a promise to compensation for something done, or is a promise to pay a debt barred by limitation law
26	Agreement in restraint of marriage void
27	Agreement in restraint of trade void
28	Agreements in restraint of legal proceedings void
29	Agreement void for uncertainty
30	Agreements by way of wager, void

Chapter III	Of contingent contracts
31	"Contingent contract" defined
32	Enforcement of contracts contingent on an event happening
33	Enforcement of contracts contingent on an event not happening
34	When event on which contract is contingent to be deemed impossible, if it is the future conduct of a living person
35	When contracts become void, which are contingent on happening of specified event within fixed time
36	Agreements contingent on impossible events, void

Chapter IV	Of the performance of contracts Contracts which must be performed
37	Obligation of parties to contracts
38	Effect of refusal to accept offer of performance
39	Effect of refusal of party to perform promise wholly
40	Person by whom promise is to be performed
41	Effect of accepting performance from third person
42	Devolution of joint liabilities
43	Any one of joint promisors may be compelled to perform
44	Effect of release of one joint promisor
45	Devolution of joint rights
46	Time for performance of promise, where no application is to be made and no time is specified
47	Time and place for performance of promise, where time is specified and no application to be made
48	Application for performance on certain day to be at proper time and place
49	Place for performance of promise, where no application to be made and no place fixed for performance
50	Performance in manner or at time prescribed or sanctioned by promisee
51	Promisor not bound to perform, unless reciprocal promisee ready and willing to perform
52	Order of performance of reciprocal promises
53	Liability of party preventing event on which contract is to take effect
54	Effect of default as to taht promise which should be first performed, in contract consisting of reciprocal promises
55	Effect of failure to perform at fixed time, in contract in which time is essential
56	Agreement to do impossible act
57	Reciprocal promise to do things legal and also other things illegal
58	Alternative promise, one brach being illegal
59	Application of payment where debt to be discharged is indicated
60	Application of payment where debt to be discharged is not indicated
61	Application of payment neither party appropriates
62	Effect of novation, rescission and alteration of contract
63	Promisee may dispense with or remit performance of promise
64	Consequences of rescission of voidable contract
65	Obligation of person who has received advantage under void agreement, or contract that becomes void
66	Mode of communicating or revoking recission of voidable contract
67	Effect of neglect of promisee to afford promisor reasonable facilities for performance

Chapter V	Of certain relations resembling those created by contract
68	Claim for necessaries supplied to person incapable of contracting, or on his account
69	Reimburesement of person paying money due by another, in payment of which he is interested
70	Obligation of person enjoying benefit of non-grauitous act
71	Responsibility of finder of goods
72	Liability of person to whom money is paid, or thing delivered, by mistake or under coercion

Chapter VI	Of the consequences of breach of contract
73	Compensation for loss or damage caused by breach of contract
74	Compensation for breach of contract where penalty stipulated for
75	Party rightfully rescinding contract entitled to compensation

Chapter VII	Sale of goods
76 to 123	Repealed

Chapter VIII	Of indemnity and guarantee
124	"Contract of indemnity" defined
125	Rights of indemnity-holder when sued
126	"Contract of guarantee", "surety", principal debtor" and "Creditor"
127	Consideration for guarantee
128	Surety's liability
129	"Continuing guarantee"
130	Revocation of continuing guarantee
131	Revocation of continuing guarantee by surety's death
132	Liability of two persons, primarily liable, not affected by arrangement between them that one shall be surety in other's default
133	Discharge of surety by variance in terms of contract
134	Discharge of surety by release of discharge of principal debtor
135	Discharge of surety shen cerditor compounds with, gives time to, or agrees not to sue principal debtor
136	Surety not discharged when agreement made with third person to give time to principal debtor
137	Creditor's forbearance to sue does not discharge surety
138	Release of one co-surety does not discharge others
139	Discharge of surety by creditor's act or omission impairing surety's eventual remedy
140	Rights of surety on payment or performance
141	Surety's right to benefit of creditor's securities
142	Guarantee obtaiend by misrepresentation, invalid
143	Guarantee obtained by concealment, invalid
144	Guarantee on contract that creditor shall not act on it until co-sureties joins
145	Implied promise to indemnify surety
146	Co-sureties liable to contribute equally
147	Liability of co-sureties bound in different sums

Chapter IX	Of bailment
148	"Bailment", "bailor" and "bailee" defined
149	Delivery to bailee how made
150	Bailor's duty to disclose faults in goods bailed
151	Care to be taken by bailee
152	Bailee when not liable for loss, etc. of thing bailed
153	Termination of bailment by bailee's act inconsistent with conditions
154	Liability of bailee making unauthorized use of goods bailed
155	Effect of mixture, with bailor's consent, of his goods with bailee's
156	Effect of mixture, without bailor's consent when the goods can be separated
157	Effect of mixture, without bailor's consent, when the goods cannot be separated
158	Repayment, by bailor, of necessary expenses
159	Restoration of goods bailed, on expiration of time or accomplishment of purpose
160	Return of goods bailed, on expiration of time or accomplishment of purpose
161	Bailee's responsibility when goods are not duly returned
162	Termination of gratuitours bailment by death
163	Bailor entitled to increase or profit from goods bailed
164	Bailor's responsibility to bailee
165	Bailment by several joint owners
166	Bailee not responsible on re-delivery to bailor without title
167	Right of third person claiming goods bailed
168	Right of finder of goods may sue for specific reward offered
169	When Finder of thing commonly on sale may sell it
170	Bailee's particular lien
171	General lien of bankers, factors, wharfingers, attorneys, and policy brokers
172	"Pledge", "pownor" and "pawnee" defined
173	Pawnee's right of retainer
174	Pawnee not to retain for debt or promise other than that for which goods pledged: Presumption in case of subsequent advances
175	Pawnee's right to extraordinary expenses incurred
176	Pawnee's right where pawnor makes default
177	Defaulting pawnor's right to redeem
178	Pledge by mercantile agent
178A	Pledge by person in possession under voidable contract
179	Pledge where pawnor has only a limited interest suits by bailors against wrong-doers
180	Suit by bailor or bailee against wrong-doer
181	Apportionment of relief or compensation obtained by such suits

Chapter X	Agency, Appointment and authority of agents
182	"Agent" and "Principal" defined
183	Who may employ agent
184	Who may be an agent
185	Consideration not necessary
186	Agent's authority may be expressed or implied
187	Definitions of express and implied authority
188	Extent of agent's authority
189	Agent's authority in an emergency
190	When agent cannot delegate
191	"Sub-agent" defined
192	Representation of principal by sub-agent properly appointed
193	Agent's responsibility for sub-agent appointed without authority
194	Relation between principal and person duly appointed by agent to act in business of agency
195	Agent's duty in naming such person
196	Right of person as to acts done for him without his authority: effect of ratification
197	Ratification may be expressed or implied
198	Knowledge requisite for valid ratification
199	Effect of ratifying unauthorized act forming part of transaction
200	Ratification of unauthorized act cannot injure third person
201	Termination of agency
202	Termination of agency, where agent has an interest in subject-matter
203	When principal may revoke agent's authority
204	Revocation where authority has been partly exercised
205	Compensation for revocation by principal, or renunciation by agent
206	Notice of revocation or renunciation
207	Revocation and renunciation may be expressed or implied
208	When termination of agent's authority takes effect as to agent, and as to third persons
209	Agent's duty on termination of agency by principal's death or insanity
210	Termination of sub-agent's authority
211	Agent's duty in conducting principal's business
212	Skill and diligence required from agent
213	Agent's accounts
214	Agent's duty to communicate with principal
215	Right of principal when agent deals, on his own account, in business of agency without principal's consent
216	Principal's right to benefit gained by agent dealing on his own account in business of agency
217	Agent's right of retainer out of sums received on principal's account
218	Agent's duty to pay sums received for principal
219	When agent's remuneration becomes due
220	Agent not entitled to remuneration for business misconducted
221	Agent's lien on principal's property
222	Agent to be indemnified against consequences of lawful acts
223	Agent to be indemnified against consequences of acts done in good faith
224	Non-liability of employer of agent to do a criminal act
225	Compensation to agent for for injury caused by principal's neglect
226	Enforcement and consequences of agent's contracts
227	Principal how far bound, when agent exceeds authority
228	Principal not bound when excess of agent's authority is not separable
229	Consequences of notice given to agent
230	Agent cannot personally enforce, nor be bound by, contracts on behalf of principal
231	Rights of parties to a contract made by agent not disclosed
232	Performance of contract with agent supposed to be principal
233	Right of person dealing with agent personally liable
234	Consequence of inducing agent or principal to act on belief that principal or agent will be held exclusively liable
235	Liability of pretended agent
236	Person falsely contracting as agent, not entitled to performance
237	Liability of principal inducing belief that agent's unauthorised acts were authorised
238	Effect, on agreement, of misrepresentation or fraud by agent

Chapter XI	Of partnership
239 to 266	Repealed

Schedule	Repealed

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CONTENTS
Sections	Particulars
s	Introduction
s	Preamble

Chapter I	PRELIMINARY
1	Short title
2	Repeal of enactments
3	Interpretation clause

Chapter II	OF NOTES, BILLS AND CHEQUES
4	Promissory note
5	Bill of exchange
6	Cheque
7	Drawer, Drawer
8	Holder
9	Holder in due course
10	Payment in due course
11	Inland instrument
12	Foreign instrument
13	Negotiable instrument
14	Negotiation
15	Endorsement
16	Endorsement in blank and in full-Endorsee
17	Ambiguous instruments
18	Where amount is stated differently in figures and words
19	Instruments payable on demand
20	Inchoate stamped instruments
21	At sight, On presentment, After sight
22	Maturity
23	Calculating maturity of bill or note payable so many months after date or sight
24	Calculating maturity of bill or note payable so many days after date or sight
25	When day of maturity is a holiday

Chapter III	PARTIES TO NOTES, BILLS AND CHEQUES
26	Capacity to make, etc., promissory notes, etc.
27	Agency
28	Liability of agent signing
29	Liability of legal representative signing
30	Liability of drawer
31	Liability of drawer of cheque
32	Liability of maker of note and acceptor of bill
33	Only drawer can be acceptor except in need or for honor
34	Acceptance by several drawers not partners
35	Liability of endorser
36	Liability of prior parties to holder in due course
37	Maker, drawer and acceptor principals
38	Prior party a principal in respect of each subsequent party
39	Surety ship
40	Discharge of endorser's liability
41	Acceptor bound, although endorsement forged
42	Acceptance of bill drawn in fictitious name
43	Negotiable instrument made, etc., without consideration
44	Partial absence or failure of money-consideration
45	Partial failure of consideration not consisting of money
45A	Holder's right to duplicate of lost bill

Chapter IV	OF NEGOTIATION
46	Delivery
47	Negotiation by delivery
48	Negotiation by endorsements
49	Conversion of endorsement in blank into endorsement in full
50	Effect of endorsement
51	Who may negotiate
52	Endorser who excludes his own liability or make it conditional
53	Holder deriving title from holder in due course
54	Instrument endorsed in blank
55	Conversion of endorsement in blank into endorsement in full
56	Endorsement for part of sum due
57	Legal representative cannot by delivery only negotiate instrument
58	Instrument obtained by unlawful means or for unlawful consideration
59	Instrument acquired after dishonor or when overdue Accommodation note or bill
60	Instrument negotiable till payment or satisfaction

Chapter V	OF PRESENTMENT
61	Presentment for acceptance
62	Presentment of promissory note for sight
63	Drawer's time for deliberation
64	Presentment for payment
65	Honors for presentment
66	Presentment for payment of instrument payable after date or sight
67	Presentment for payment of promissory note payable by instalments
68	Presentment for payment of instrument payable at specified place and not elsewhere
69	Instrument payable at specified place
70	Presentment where no exclusive place specified
71	Presentment when maker, etc, has no known place of business or residence
72	Presentment of cheque to charge drawer
73	Presentment of cheque to charge any other person
74	Presentment of instrument payable on demand
75	Presentment by or to agent, representative of deceased, or assignee of insolvent
75A	Excuse for delay in presentment for acceptance or payment
76	When presentment unnecessary
77	Liability of banker for negligently dealing with bill presented for payment

Chapter VI	OF PAYMENT AND INTEREST
78	To whom payment should be made
79	Interest when rate specified
80	Interest when no rate specified
81	Delivery of instrument on payment or indemnity in case of loss

Chapter VII	OF DISCHARGE FROM LIABILITY ON NOTES, BILLS AND CHEQUES
82	Discharge from liability
83	Discharge by allowing drawer more than forty-eight hours to accept
84	When cheque not duly presented and drawer damaged thereby
85	Cheque payable to order
85A	Drafts drawn by one branch of a bank on another payable to order
86	Parties not consenting discharge by qualified or limited acceptance
87	Effect of material alteration
88	Acceptor or endorser bound not withstanding previous alteration
89	Payment of instrument on which alteration is not apparent
90	Extinguishments of rights of action on bill in acceptor's hand

Chapter VIII	Of NOTICE OF DISHONOR
91	Dishonor by non-acceptance
92	Dishonor by non-payment
93	By and to whom notice should be give
94	Mode in which notice may be give
95	Party receiving must transmit notice of dishonor
96	Agent for presentment
97	When party to whom notice given is dead
98	When notice of dishonor is unnecessary

Chapter IX	NO NOTING AND PROTEST
99	Noting
100	Protest
101	Contents of protest
102	Notice of protest
103	Protest for non-payment after dishonor by non-acceptance
104	Protest of foreign bills
104A	When noting equivalent to protest

Chapter X	OF REASONABLE TIME
105	Reasonable time
106	Reasonable time of giving notice of dishonor
107	Reasonable time for transmitting such notice

Chapter XI	OF ACCEPTANCE AND PAYMENT FOR HONOR AND REFERENCE IN CASE OF NEED
108	Acceptance for honor
109	How acceptance for honor must be made
110	Acceptance not specifying for whose honor it is made
111	Liability of acceptor for honor
112	When acceptor for honor may be charged
113	Payment for honor
114	Right of payer for honor
115	Drawee in case of need
116	Acceptance and payment without protest

Chapter XII	OF COMPENSATION
117	Rules as to compensation

Chapter XIII	SPECIAL RULES OF EVIDENCE
118	Presumption as to negotiable instruments of consideration
119	Presumption on proof of protes
120	Estoppels against denying original validity of instrument
121	Estoppels against denying capacity of payee of indorse
122	Estoppels against denying signature or capacity of prior party

Chapter XIV	OF CROSSED CHEQUES
123	Cheque crossed generally
124	Cheque crossed specially
125	Crossing after issue
126	Payment of cheque crossed generally/specially
127	Payment of cheque crossed specially more than once
128	Payment in due course of crossed cheque
129	Payment of crossed cheque out of due coruse
130	Cheque-bearing not negotiable
131	Non-liability of banker receiving payment of cheque
131A	Application of Chapter to drafts

Chapter XV	OF BILLS IN SETS
132	Set bills.
133	Holder of first acquired part entitled to all

Chapter XVI	OF INTERNATIONAL LAW
134	Law governing liability of maker, acceptor or endorser of foreign instrument
135	Law of place of payment governs dishonor
136	Instrument made, etc., out of India, but in accordance with the law of India
137	Presumption as to foreign law

Chapter XVII	OF PENALTIES IN CASE OF DISHONOR OF CERTAIN CHEQUE FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS
138	Dishonor of cheque for insufficiency, etc, of funds in the account
139	Presumption in favour of holder
140	Defense which may not be allowed in any prosecution under section 138
141	Offences by companies
142	Cognizance of offences
143	Power of Court to try cases summarily
144	Mode of service of summons.
145	Evidence on affidavit.
146	Bank's slip prima facie evidence of certain facts.
147	Offences to be compoundable.
SCHEDULE	Repealed

CONTENTS
Sections	Particulars
	Preamble

1	Shot title, extent and application
2	Definitions
3	Establishments to include departments, undertakings and branches
4	Computation of gross profits
5	Computation of available surplus
6	Sums deductible from gross profits
7	Calculation of direct tax payable by the employer
8	Eligibility for bonus
9	Disqualification for bonus
10	Payment of minimum bonus
11	Payment of maximum bonus
12	Calculation of bonus with respect to certain employees
13	Proportionate reduction in bonus in certain cases
14	Computation of number of working days
15	Set-on and set-off of allocable surplus
16	Special provisions with respect to certain establishments
17	Adjustment of customary or interim bonus against bonus payable under the Act.
18	Deduction of certain amounts from bonus payable under the Act
19	Time-limit for payment of bonus
20	Application of Act to establishments in public sector in certain cases
21	Recovery of bonus due from an employer
22	Reference of dispute under this Act
23	Presumption about accuracy of balance-sheet and profit and loss account of corporations and companies
24	Audited accounts of banking companies not to be questioned
25	Audit of accounts of employers, not being corporations or companies
26	Maintenance of registers, records, etc.
27	Inspectors
28	Penalty
29	Offences by companies
30	Cognizance of offences
31	Protection of action taken under the Act
31A	Special provision with respect to payment of bonus linked with production or productivity
32	Act not to apply to certain classes of employees
33	*[Repealed]*
34	Employees and employers not to be precluded from entering into agreements for grant of bonus under a different formula
34A	Effect of laws and agreements inconsistent with the Act
35	Saving
36	Power of exemption
37	*[Repealed]*
38	Power to makes rules
39	Application of certain laws not barred
40	Repeal and saving

Schedules
	The First Schedule
	The Second Schedule
	The Third Schedule
	The Fourth Schedule

Rules	Introduction
1	Short title and commencement
2	Definitions
3	Authority for granting permission for change of accounting year
4	Maintenance of registers
5	Annual returns

CONTENTS
Sections	Particulars
	Preamble
1	Short title, extentand commencement
2	Definitions
2A	Establishment to include all departments and branches
3	Power to apply the Act to an establishment which has a common provident fund with another establishment
4	Power to add to Schedule
5	Employees' Provident Funds Scheme
5A	Central Board
5AA	Executive Committee
5B	State Board
5C	Board of Trustees to be body corporate
5D	Appointment of officers
5E	Delegation
6	Contributions and matters which may be provided for in the Scheme
6A	Employees' Pension Scheme
6C	Employees' Deposit Linked Insurance Scheme
6D	Laying of Schemes before Parliament
7	Modification of Scheme
7A	Determination of moneys due from employers
7B	Review of orders passed under section 7A
7C	Determination of escaped amount
7D	Employees' Provident Funds Appellate Tribunal
7E	Term of office
7F	Resignation
7G	Salary and allowances and other terms and conditions of service of presiding officer
7H	Staff of Tribunal
7-I	Appeals to Tribunal
7-J	Procedure of Tribunal
7K	Right of appellant to take assistance of legal practitioner and of government etc. to appoint presenting officers
7L	Orders of Tribunal
7M	Filling up of vacancies
7N	Finality of orders constituting a Tribunal
7O	Deposit of amount due on filing appeal
7P	Transfer of certain applications to Tribunal
7Q	Interest payable by the employer
8	Mode of recovery of moneys due from employers
8A	Recovery of moneys by employers and contractors
8B	Issue of certificate to the Recovery Officer
8C	Recovery Officer to whom certificate is to be forwarded
8D	Validity of certificate and amendment thereof
8E	Stay of proceedings under certificate and amendment or withdrawal thereof
8F	Other modes of recovery
8G	Application of certain provisions of Income Tax Act
9	Fund to be recognised under Act 11 of 1922
10	Protection against attachment
11	Priority of payment of contributions over other debts
12	Employer not to reduce wages etc
13	Inspectors
14	Penalties
14A	Offences by companies
14AA	Enhanced punishment in certain cases after previous conviction
14AB	Certain offences to be cognizable
14AC	Cognizance and trial of offences
14B	Power to recover damages
14C	Power of court of make orders
15	Special provisions relating to existing provident funds
16	Act not to apply to certain establishments
16A	Authorising certain employers to maintain provident fund accounts
17	Power of exempt
17A	Transfer of accounts
17AA	Act to have effect notwithstanding anything contained in Act 31 of 1956
17B	Liability in case of transfer of establishment
18	Protection of action taken in good faith
18A	Presiding officer and other officers to be public servants
19	Delegation of powers
20	Power of Central Government to give directions
21	Power to makes rules
22	Power to remove difficulties
23	Repealed

	Schedule I
	schedule II
	schedule III
	scheduleIV

CONTENTS
Sections	Particulars
	Preamble

1	Short title, Extent, Application and Commencement
2	Definitions
2A	Continuous Service
3	Controlling Authority
4	Payment of gratuity
4A	Compulsory insurance
5	Power to exempt
6	Nomination
7	Determination of the amount of the Gratuity
7A	Inspectors
7B	Powers of Inspectors
8	Recovery of Gratuity
9	Penalties
10	Exemption of employer from liability in certain cases
11	Cognizance of Offences
12	Protection of action taken in good faith
13	Protection of Gratuity
14	Act to override other Enactments etc.
15	Power to make Rules

Bare Acts - IPCC / PCC - Business Law

Indian Contract Act, 1872

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