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Indian Contract Act.

This a brief start of the Indian Contract Act with special mention of the sections.

............................. Meaning of Contract

.
Section2. Interpretation clause.— In this Act the following words and expressions are used in the following senses, unless a contrary intention appears from the context:—
( 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;
( b ) When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise;
( c ) The person making the proposal is called the “promisor”, and the person accepting the proposal is called the “promisee”;
( d ) When, at the desire of the promisor, the promisee or any other person has done or abstained from doing or does 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;
( e ) Every promise and every set of promises, forming the consideration for each other, is an agreement;
( f ) Promises which form the consideration or part of the consideration for each other, are called reciprocal promises;
( g ) An agreement not enforceable by law is said to be void;
( h ) An agreement enforceable by law is a contract;
( i ) An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract;
( j ) A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.

.........................................................This extract is taken from Section2
Section3. Communication, acceptance and revocation of proposals.— The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptances, respectively, are deemed to be made by any act or omission of the party proposing, accepting or revoking, by which he intends to communicate such proposal, acceptance or revocation, or which has the effect of communicating it.
.........................................................This extract is taken from Section3
Section4. Communication when complete.— The communication of a proposal is complete when it comes to the knowledge of the person to whom it is made.
The communication of an acceptance is complete,—
as against the proposer, when it is put in a course of transmission to him, so as to be out of the power of the acceptor;
as against the acceptor, when it comes to the knowledge of the proposer.
The communication of a revocation is complete,—
as against the person who makes it, when it is put into a course of transmission to the person to whom it is made, so as to be out of the power of the person who makes it;
as against the person to whom it is made, when it comes to his knowledge.

.........................................................This extract is taken from Section4

Section5. Revocation of proposals and acceptances.— A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards.
An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.

..........................................................This extract is taken from Section5
..............................Continuation will follow soon

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