Chapter 2: Essentials of a Valid Contract

Spread the love      Introduction The Indian Contract Act, 1872 provides the legal framework governing contracts in India. A contract is not merely an agreement between two or more persons; it is an agreement that is enforceable by law. Section 2(h) of the Indian Contract Act, 1872 defines a contract as “an agreement enforceable by law.” Therefore,

Spread the love      In the world of commerce, thousands of promises are made every day. But when does a casual promise transform into a legally binding obligation? The answer lies in the Indian Contract Act, 1872. According to Section 2(h) of the Act, a contract is “An agreement enforceable by law.”2 To move from a mere

Spread the love      In our daily lives, we make countless agreements. We agree to meet friends for coffee, agree to attend a family wedding, or agree to buy milk from the shop. While all of these are “agreements,” only the last one is likely a “contract.” Why does the law enforce the promise to pay for