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May 4, 2022 · A valid agreement may be defined as an agreement that, if enforceable by law, shall become a contract and make the parties to the agreement binding to the conditions thereof. An agreement is defined under Section 2(e) of the Indian Contract Act, 1872 (the Act).
Mar 11, 2024 · An agreement, in legal terms, is a mutual understanding between two or more parties regarding their respective rights and responsibilities. It may involves the exchange of goods, services, or promises and can be formal or informal, written or oral.
Jan 10, 2024 · A valid agreement is a contract, which is binding and enforceable. In a valid contract, all the parties are legally bound to perform the contract.
A Valid Contract is a Legal Contract. A contract is a contract only when it satisfies all its validity. A contract will not be qualified to be a legal contract if it does not pass specific factors.
Valid Contracts. The Valid Contract as discussed in the topic on “ Essentials of a Contract ” is an agreement that is legally binding and enforceable. It must qualify all the essentials of a contract. Void Contract Or Agreement.
Oct 4, 2023 · Definition. The Indian Contract Act, 1872 defines the term ‘Contract’ under its section 2 (h) as ‘An agreement enforceable by law’. This definition has two key elements: agreement and enforceable by law. Agreement - An agreement is every promise or the set of promises that form the consideration for each other.
An agreement is an agreed promise, and a contract is a law-enforceable agreement. In contract law, there is a promisor (a person who agrees to do something in exchange for consideration) and a promisee (a person who pay such consideration).
