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Learn what a contract is, how it is formed, and what are the essential elements and types of contracts. A contract is an agreement between two or more parties that creates legal obligations and rights.
Learn the meaning of contract as a noun and a verb in English, with synonyms, antonyms, and related words. Find out how to use contract in different contexts, such as law, business, finance, and health.
A comprehensive overview of the Indian Contract Act, 1872, with definitions, types, elements, and exceptions of contracts. Learn about offer and acceptance, consideration, competence, consent, coercion, fraud, mistake, legality, wager, contingency, performance, and more.
- Contract Act
- So What Is A Contract?
- Solved Question on Contract Act
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The Indian Contract Act, 1872 defines the term “Contract” under its section 2 (h) as “An agreement enforceable by law”. In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land. This definition has two major elements in it viz – “agreement” and “enforceable by law”. So in order to understand...
Now we can define a contract and more importantly, understand what is “Not” a contract. A contract is an accepted proposal (agreement) that is fully understood by the law and is legally defined or enforceable by the law. So a contract is a legal document that bestows upon the party’s special rights(defined by the contract itself) and also obligatio...
Q1: “A person A agrees to sell his house to a person B for 50 lakh.” This is an example of: 1. A contract 2. An agreement 3. Neither a Contract nor an Agreement 4. It is a contract as soon as A gets the money. Answer: Let us see what we need for the above to be a contract. We need Accepted Proposal (Agreement) + Enforceable by law (defined within t...
Learn what a contract is according to the Indian Contract Act, 1872, and how it differs from an agreement. See the elements of a contract, such as proposal, acceptance, promise, and enforceability by law, with examples and a solved question.
Saving of contract to refer to arbitration dispute that may arise. Saving of contract to refer questions that have already arisen. Saving of a guarantee agreement of a bank or a financial institution.
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A contract is an agreement (oral or written) that enable parties (individuals or businesses), businesses, and society to come together and collaborate towards their specific desires and needs. They are official agreements that are enforceable by law. In other words, a contract is a legal obligation.
The meaning of CONTRACT is a binding agreement between two or more persons or parties; especially : one legally enforceable. How to use contract in a sentence. Synonym Discussion of Contract.
