The proposal was made on 10th July. 1926 and accepted on 15th July. The insured fell ill on 21st July. A cheque was dispatched on 24th July. Receipt of cheque was issued on 26th July and on 27th July the insured died. In this case the contract would have finalized on 26th July but the cheque was not honoured due to insufficient balance Decide whether the contract is considered complete. And also state the various sections of Indian Contract Act that are applicable for insurance contract.
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