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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.
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.
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- So What Is A Contract?
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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.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties.
Law of contracts in India defines Contract as an agreement enforceable by law which offers personal rights, and imposes personal obligations, which the law protects and enforces against the parties to the agreement.
Learn the definition, elements, types, and examples of contracts, and when to hire a contract lawyer. ContractsCounsel.com is a platform that connects businesses with lawyers for contract review and negotiation.
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.
