Section II of contracts ACT 1950 : A person is competent to a contract is: *Of the age of majority- according to law * Of sound mind * Not disqualified from contracting by any law 3. 1949 (U.P. ..... we are also unable to agree with the contention that the bank has a lien on the pre-deposit made under section 18 of the sarfaesi act in terms of section 171 of the indian contract act, 1872.section 171 of the indian contract act, 1872 on general lien, is in a different context: 171. general lien of bankers, factors, wharfingers, attorneys and policy- brokers. Necessaries basically means that goods that are necessary to the minor’s current condition in life. ... For the purposes of this section, an act, speech or publication ... 171. Section 154 – 163 of Contract Act 1950 deal with the manner which an agent may be terminated. Under Section 69 of the Contracts Act 1950, a person who has supplied necessaries to a minor is allowed to be reimbursed by the minor. Federal Court holds that exclusion clause which absolutely precludes a party from claiming any remedies for a breach of contract, is void under section 29 of the Contracts Act 1950 Allen & Gledhill is one of the largest and leading law firms in Singapore, with a notable and increasing presence in the South-east Asian region. 3.2. J. Section 10 (1) of Contracts Act 1950 states that 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. Chapter I—Preliminary. the first part is in the absence of agreement to the contrary. 1. as mentioned above, the applicant-bank has relied upon the terms of the agreement as well as section 171 of the indian contract act, 1872.section 171 of the indian contract act, 1872, is in two parts. Section 7(a) of the Contracts Act 1950 provides that “in order to convert a proposal into a promise the acceptance must be absolute and unqualified and in the case of LAU BROTHERS & CO. V CHINA PACIFIC NAVIGATION CO. LTD the Court held that: (a) the parties were still in a state of negotiation and no agreement was formed. (2) Every person belonging the class mentioned in [Section 3 or sub-section (2) of Section 3-A] of the United Provinces Agricultural Tenants (Acquisition of Privileges) Act. Reported in : [2004]55SCL92(Punj& Har)property to the amount due to the bank against any account. In order to convert a proposal into a promise the acceptance must-(a) be absolute and unqualified; (b) be expressed in some usual and reasonable manner, unless the proposal prescribes the manner in which it is to be accepted. Commencement: 15 June, 1950. TERMINATION BY THE ACT OF THIRD PARTY. When both parties agree that the agency shall terminate, the agency is terminated. 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