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What is a Contract
A contract is an agreement made between two or more parties which the law will enforce Sec. 2 (h) defines contract as an agreement enforceable by law. Agreement = offer + acceptance Contract = agreement + enforceability Sir William Anson defines contract as a legally binding agreement between two or more persons by which rights are acquired by one or more to act or forbearances (abstaining from doing something) on the part of the others.
Essential of Contract
offer and acceptance. There must be an
agreement based on a lawful offer made by person to another and lawful acceptance
make a valid contract the parties to it must be competent to be contracted. According to section 11 of the Contract Act, a person is considered to be competent to contract if he satisfies the following criterion: The person has reached the age of maturity. The person is of sound mind. The person is not disqualified from contracting by any law.
Agreements which have been expressly declared void or illegal by law are not enforceable at law; hence does not constitute a valid contract.
Legal Formalities
A contract may be oral or in writing. If, however, the law requires for a particular contract, it should comply with all the legal formalities as to writing, registration and attestation
Quasi or constructive contract: It is a contract in which there is no intention either side to make a contract, but the law imposes contract. In such a contract eights and obligations arise not by any agreement between the practice but byoperation of law.
Illegal Agreement: An illegal agreement is one which transgresses some rule of basic public policy or which is criminal in nature or which is immoral.
Unenforceable contract: An unenforceable contract is one which cannot be enforced in a Court of law because of some technical defect such as absence of writing or where the remedy has been barred by lapse of time.
Thank you
Swati Sneha Nikita Prachi Pooja Indra