Shree Guru Kripas Institute of Management

Mercantile Law for CA CPT Section Index

(A) THE INDIAN CONTRACT ACT, 1872
The Indian Contract Act, 1872 The Indian Contract Act, 1872
Section Deals with Section Deals with
2(a) Proposal/Offer unless it is in writing and registered, or is
2(b) Promise a promise to compensation for something
2(c) Promisor & Promisee done, or is a promise to pay a debt barred
2(d) Consideration by limitation law
2(e) Agreement 26 Agreement in restraint of marriage void
2(f) Reciprocal Promises 27 Agreement in restraint of trade void
2(g) Void Agreement Agreements in restraint of legal
28
2(h) Contract proceedings void
2(i) Voidable contract 29 Agreement void for uncertainty
2(j) Void contract 30 Agreements by way of wager, void
Communication, acceptance and 31 to 36 Contingent contracts
3 to 9 31 "Contingent contract" defined
revocation of proposals
Communication, acceptance and Enforcement of contracts contingent on
3 32
revocation of proposals an event happening
4 Communication when complete Enforcement of contracts contingent on
33
5 Revocation of proposals and acceptances an event not happening
6 Revocation how made When event on which contract is
7 Acceptance must be absolute 34 contingent to be deemed impossible, if it
Acceptance by performing conditions, or is the future conduct of a living person
8 When contracts become void, which are
receiving consideration
9 Promises, express or implied 35 contingent on happening of specified
Contracts, violable contracts and void event within fixed time
10 to 30 Agreements contingent on impossible
agreements 36
10 Essential elements of a valid contract events, void
11 Capacity/competency to contract Performance of contracts which must be
37 to 67
What is a sound mind for the purposes of performed
12 Effect of refusal to accept offer of
contracting 38
13 "Consent" defined performance
14 "Free consent" defined Effect of refusal of party to perform
39
15 "Coercion" defined promise wholly
16 "Undue influence" defined Person by whom promise is to be
40
performed
17 "Fraud" defined
18 "Misrepresentation" defined Effect of accepting performance from
41
third person
Voidability of agreements without free
19 42 Devolution of joint liabilities
consent
Power to set aside contract induced by Any one of joint promisors may be
19A 43
undue influence compelled to perform
Agreement void where both parties are 44 Effect of release of one joint promisor
20 45 Devolution of joint rights
under mistake as to matter of fact
21 Effect of mistakes as to law Time for performance of promise, where
Contract caused by mistake of one party 46 no application is to be made and no time
22 is specified
as to matter of fact
Time and place for performance of
What considerations and objects are
23 47 promise, where time is specified and no
lawful, and what not
application to be made
Agreements void, if consideration and
24 Application for performance on certain
objects unlawful in part 48
day to be at proper time and place
25 Agreement without consideration void,

1
 Mercantile Law Section Index
The Indian Contract Act, 1872 The Indian Contract Act, 1872
Section Deals with Section Deals with
Place for performance of promise, where Consequences of rescission of voidable
64
49 no application to be made and no place contract
fixed for performance Obligation of person who has received
Performance in manner or at time 65 advantage under void agreement, or
50
prescribed or sanctioned by promisee contract that becomes void
Promisor not bound to perform, unless Mode of communicating or revoking
66
51 reciprocal promisee ready and willing to recission of voidable contract
perform Effect of neglect of promisee to afford
Order of performance of reciprocal 67 promisor reasonable facilities for
52
promises performance
Liability of party preventing event on Certain relations resembling those created
53 68 to 72
which contract is to take effect by contract
Effect of default as to that promise which Claim for necessaries supplied to person
68
54 should be first performed, in contract incapable of contracting, or on his account
consisting of reciprocal promises Reimbursement of person paying money
Effect of failure to perform at fixed time, in 69 due by another, in payment of which he is
55
contract in which time is essential interested
56 Agreement to do impossible act Obligation of person enjoying benefit of
70
Reciprocal promise to do things legal and non-gratuitous act
57
also other things illegal 71 Responsibility of finder of goods
Application of payment where debt to be Liability of person to whom money is paid,
59
discharged is indicated 72 or thing delivered, by mistake or under
Application of payment where debt to be coercion
60
discharged is not indicated 73 to 75 Consequences of breach of contract
Application of payment neither party Compensation for loss or damage caused
61 73
appropriates by breach of contract
Effect of novation, rescission and Compensation for breach of contract
62 74
alteration of contract where penalty stipulated for
Promisee may dispense with or remit Party rightfully rescinding contract entitled
63 75
performance of promise to compensation

(B) The Partnership Act, 1932

Partnership Act, 1932 Partnership Act, 1932

Section Deals with Section Deals with
1 Applicability Rights and duties of partners after a
17
2 Definitions. change in the firm.
4 Definition of "Partnership", "Partner 18 Partner to be agent of the firm.
5 Partnership not created by status. Implied authority of partner as agent of
19
Mode of determining existence of the firm.
6
partnership. Extension and restriction of partner's
20
7 Partnership-At-Will. implied authority.
8 Particular Partnership. 21 Partner's authority in an emergency.
9 General duties of partners. 22 Mode of doing act to bind firm.
10 Duty to indemnify for loss caused by fraud. 24 Effect of notice to acting partner.
Determination of rights and duties of 25 Liability of a partner for acts of the firm.
11
partners by contract. Liability of the firm for wrongful acts of a
26
12 The conduct of the business. partner.
13 Mutual right and liabilities. Liability of firm for misapplication by
27
14 The property of the firm. partners.
15 Application of the property of the firm. 28 Holding out.
16 Personal profits earned by partners. 29 Rights of transferee of a partner's interest.

2
Shri Guru Kripa Learning Centre
Partnership Act, 1932 Partnership Act, 1932
Section Deals with Section Deals with
Minors admitted to the benefits of 50 Personal profits earned after dissolution.
30
partnership. Return of premium on premature
51
31 Introduction of a partner. dissolution.
32 Retirement of a partner. Rights where partnership contract is
52
33 Expulsion of a partner. rescinded for fraud.
34 Insolvency of a partner. Right to restrain from use of firm-name or
53
35 Liability of estate of deceased partner. firm-property.
Right of outgoing partner to carry on 54 Agreements in restraint of trade.
36
competing business. 55 Sale of goodwill after dissolution.
Right of outgoing partner in certain cases Power to exempt from application of this
37 56
to share subsequent profits. chapter.
Revocation of continuing guarantee by Appointment of registrar of firms and
38 57
change in firm. deputy and assistant registrars.
39 Dissolution of a firm. 58 Application for registration.
40 Dissolution by agreement. 59 Registration.
41 Compulsory dissolution. Recording of alterations in [Firm-Name,
60
Dissolution on the happening of certain Nature of business]
42
contingencies. 61 Noting of closing and opening of breaches.
43 Dissolution by notice of partnership at will. Noting of changes in Names and Address
62
44 Dissolution by the Court. of partners.
Liability for acts of partners done after Recording of changes in and dissolution of
45 63
dissolution. a firm.
Right of partners to have business wound 64 Rectification of mistakes.
46
up after dissolution. 65 Amendment of register by order of court.
Continuing authority of partners for 66 Inspection of register and filed documents.
47
purposes of winding up. 67 Grant of copies.
Mode of settlement of accounts between 68 Rules of evidence.
48
partners. 69 Effect of Non-Registration.
Payment of firm's debts and of separate 71 Power to make rules.
49
debts. 72 Mode of giving public notice.

(C) The Sale of Goods Act, 1930

The Sale of Goods Act, 1930 The Sale of Goods Act, 1930
Section Deals with Section Deals with
1 Short Title, Extent and Commencement 17 Sale by sample
2 Definitions CH 3 Effects of the Contract
3 Application of provisions of Act 9 of 1872 18 Goods must be ascertained
CH 2 Formation of the Contract 19 Property passes when intended to pass
4 Sale and agreement to sell 20 Specific goods in a deliverable state
5 Contract of sale how made 21 Specific goods to be put into a deliverable
6 Existing or future goods state
7 Goods perishing before making of contract 22 Specific goods in a deliverable state, when
8 Goods perishing before sale but after the seller has to do anything thereto in
agreement to sell order to ascertain price
9 Ascertainment of price 23 Sale of unascertained goods and
10 Agreement to sell at valuation appropriation. Delivery to carrier
12 Condition and warranty 24 Good sent on approval or "on sale or
13 When condition to be treated as warranty return"
14 Implied undertaking as to title, etc 25 Reservation of right of disposal
15 Sale by description 26 Risk prima facie passes with property
16 Implied conditions as to quality or fitness 27 Sale by person not to owner

3
 Mercantile Law Section Index
The Sale of Goods Act, 1930 The Sale of Goods Act, 1930
Section Deals with Section Deals with
28 Sale by one of joint owners goods
29 Sale by person in possession under 45 "Unpaid seller" defined
voidable contract 46 Part delivery
30 Seller or buyer in possession after sale 47 Seller's lien
CH 4 Performance of the Contract 49 Termination of lien
31 Duties of seller and buyer 50 Right of stoppage in transit
32 Payment and delivery are concurrent 51 Duration of transit
conditions 52 How stoppage in transit is effected
33 Delivery 53 Effect of sub-sale or pledge by buyer
34 Effect of part delivery 54 Sale not generally rescinded by lien or
35 Buyer to apply for delivery stoppage in transit
36 Rules as to delivery CH 6 Suits for Breach of the Contract
37 Delivery of wrong quantity 55 Suit for price
38 Installment deliveries 56 Damages for non-acceptance
39 Delivery to carrier or wharfinger 57 Damages for non-delivery
40 Risk where goods are delivered at distant 58 Specific performance
place 59 Remedy for breach of warranty
41 Buyer's right of examining the goods 60 Repudiation of contract before due date
42 Acceptance 61 Interest by way of damages and special
43 Buyer not bound to return rejected goods damages
44 Liability of buyer for neglecting or refusing CH 7 Miscellaneous
delivery of goods 64 Auction sale
CH 5 Rights of unpaid seller against the