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Contract. Definition: The term contract is defined as an agreement between two or more parties which has a binding nature, in essence, the agreement with legal enforceability is said to be a contract. It creates and defines the duties and obligations of the parties involved.
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”.
Aug 28, 2020 · According to the Section 10 of the Indian Contract Act, 1872 there are mainly four conditions which have to be satisfied to form a valid contract, i.e. free consent of parties to the contracts, competent to contract, for a lawful consideration and with a lawful object.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties.
a legal document that states and explains a formal agreement between two different people or groups, or the agreement itself: a contract of employment. a temporary / building contract. break (the terms of) a contract They could take legal action against you if you break (the terms of) the contract.
What are contracts? Contracts are legally binding agreements. They outline the terms and conditions of the agreement (such as the goods or services being exchanged), the responsibilities and obligations of each party and the consequences of non-compliance. Common types of contracts.
Sep 25, 2019 · What is a contract? Types of Contract. Basics of Contract law. Offer and Invitation to treat. Catalogues and Display of goods. Announcement to hold auction. 2. Free Consent. Difference between Consent and Free Consent. Void Agreement and Void Contract. Coercion. Techniques of causing coercion. Undue Influence. Subtle species of fraud.
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.
Add to word list. B1. a legal agreement between two people or organizations, especially one that involves doing work for a particular amount of money. Examples. a legally binding contract. a lucrative contract. I don't remember signing a contract. They have to provide a contract by law.
A contract is either a written or spoken agreement between two or more parties that includes terms and conditions, which creates a legal obligation. The terms of a contract are enforceable by law, with clearly defined penalties and remedies should the contract be breached.
