Spread the love The starting point of any contract is a Proposal, commonly known as an Offer. Without a valid offer, there can be no acceptance, and consequently, no contract. 1. Meaning of Proposal The term “Proposal” is defined under Section 2(a) of the Indian Contract Act, 1872: “When one person signifies to another his willingness … Read more
Spread the love For an agreement to become a contract, it must pass the “validity test” laid down in Section 10 of the Indian Contract Act, 1872. If any of these elements is missing, the contract may be void, voidable, or illegal. Section 10 states: “All agreements are contracts if they are made by the free … Read more
Spread the love While the terms “agreement” and “contract” are often used interchangeably in daily conversation, in the eyes of the law, they have distinct meanings.1 As the legal maxim goes: “All contracts are agreements, but all agreements are not contracts.” 1. Definition of Agreement (Section 2(e)) The Indian Contract Act defines an agreement in Section … Read more
Spread the love To understand the Indian Contract Act, one must first grasp its core concept: the Contract itself. In layman’s terms, a contract is a promise that the law will enforce. However, in the legal world, the definition is more specific. 1. What is a Contract? A contract is an agreement between two or more … Read more
Spread the love The Indian Contract Act, 1872 is the bedrock of mercantile law in India. Whether buying vegetables from a vendor, boarding a bus, or signing a multi-million dollar corporate deal, we enter into contracts daily. This Act determines the circumstances under which promises made by the parties to a contract shall be legally binding. … Read more