Spread the love If an offer is the “question,” acceptance is the “answer.” Just as a lit matchstick causes no fire without gunpowder, an offer creates no legal rights until it is accepted. 1. Meaning of Acceptance Section 2(b) of the Indian Contract Act, 1872 defines acceptance as: “When the person to whom the proposal is
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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
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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
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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
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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
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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.
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