The following are the essential elements for a valid contract − A legal relationship must be created between the two parties to constitute a contract. Any agreement related to social matters cannot be considered as a contract. Obligation can be defined as an action or a duty to which a person is committed morally as well as legally.īoth agreement and obligation constitute to form a contract. Section 2(e) of the Contract Act defines an agreement to be a set of promises, which form the considerations of both the parties. When two parties mean the same thing in the similar sense at the same time and work for the same purpose, they are termed to be at a point of agreement. Sections 124 to 238 are related to special kinds of contracts such as indemnity and guarantee, bailment, pledge and agency.Īccording to the Contract Act, a contract can be defined as an agreement which can be enforced by law. Sections 1 to 75 are related to general principles of contracts. This law can be subdivided into two parts − This act deals mostly with the guidelines and principles related to contracts. This law is applicable throughout the country, except the states of Jammu and Kashmir. The Indian Contract Act was passed by British India in 1872.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |