Contract
An Agreement enforceable by law is a contract – 2 (h) Contract Act
A contract is an agreement creating and defining obligations between the parties – Salmon
Two Major Components of Contract
- An Agreement
- Enforceable by law
What is Agreement?
Every promise and every set of promises forming the consideration for each other is an agreement
Section 2 (e) Contract Act
What is Promise?
When a person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal when accepted becomes a promise. Section 2 (b) Contract Act
Essentials of Contract
- Offer and Acceptance
- Legal Relationship. Must Create Legal relationship between parties
- Lawful Consideration
- Capacity of Parties
- Lawful Object
- Free Consent
- Certainty: Agreements the meaning of which is not certain are void.
- Possibility of Performance: An agreement to do an act impossible in itself is void.
- Must not be declared expressly void i.e. restriction of trade etc
Kinds of Contract
Kind as far as Enforceability
- Valid Contract
- Voidable Contract
- Void Contract
When Contract Become Void
- impossibility of performance
- subsequent become illegal
- voidable become void at option of party
- contingent contract when depending event become impossible
- Unenforceable Contract
- Illegal Contract: When its performance is forbidden by law.
Kinds as far Formation
- Express Contract
- Implied Contract
- Constructive or Quasi Contract i.e. finder of lost goods
Kinds as of Performance
- Executed Contract
- Executory Contract
- Unilateral Contract
- Bilateral Contract
Too summerlised but understandable. Thanks thanks for the good ideals
does biana can cencel or not
@Awais
If the agreement is written then according to that written agreement only and not otherwise