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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.
(h) An agreement enforceable by law is a contract; (i) An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract; (j) A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.
Indian Contract Act frames and validates the contracts or agreements between various parties. Contract Act is one of the most central laws that regulates and oversees all the business wherever there is a case of a deal or an agreement.
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date.
CONTRACT definition: 1. a legal document that states and explains a formal agreement between two different people or…. Learn more.
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.
Dec 18, 2019 · What is a contract and what are the essentials of a valid contract? Section 2 (h) of the Indian Contract Act, 1872, defines the term contract as ‘An agreement which is enforceable by law is a contract’.
What is a Contract? 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.
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.
Sep 25, 2019 · A contract is an agreement between parties reduced in writing giving effect to the purpose of the parties. Section 2 (h) of the Indian Contract Act, 1872, as follows ‘’ An agreement enforceable by law is a contract’’. Two essentials for a contract- (1) an agreement, and (2) the agreement should comply with the law.
