RADHAKRISHNA SIVADUTTA RAI AND ORS. vs TAYEBALLI DAWOODBEAI

The Supreme Court ruled that under the Indian Contract Act, 1872, specifically Section 230, the bought and sold notes issued by brokers constitute the binding contract between parties unless there are material variations. In this case, the notes indicated that the appellants acted on behalf of a disclosed principal, thus they were not entitled to sue for breach of contract. The Court upheld the lower court's decision, affirming that the appellants could not recover damages as they were acting as agents.