What is Contract? | Agreements Of Contract | Conditions | The National TV

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Introduction

 

The Indian Contract Act is most important in terms of trade or business or commercial Law. This act has been enforced from 1st Sep 1872. Indian Contract act includes General Principles from Section 1 to 75 while Section 76 to 123 has been repelled (Sales of Goods Act), Section 124 to 147 deals with Contracts of Indemnity and Guarantee, Section 148 to 181 deals with Contract of Bailment and Pledge, Section 182 to 238 includes Agency and Section 239 to 266 delays with Partnership Act which has been repelled from Indian Contract Act. The contract has been defined under Section 2(h) of the Indian Contract Act, 1872 as an agreement that is enforceable by law.

 

 

Agreement: It is mentioned in Section 2(e) of the Indian Contract Act as every promise where consideration of each party is involved. Promise Section 2(b) of the Indian Contract Act states that when the party whom the proposal/offer is made, he shows his assent to accept the proposal. Therefore the acceptance of the proposal is considered as a promise.

 

Proposal/ Offer: Section 2(a) states that when a person shows his interest or his willingness to do or abstain from doing anything to get the assent of another person, then he is making a proposal.

Consideration: Section 2(d) explains Consideration When the promisee or any other person does something or abstain from doing something or promises to do as at the desire of the promisor.

Enforceability: Any agreement will be enforced when the agreement is fulfilling the conditions of Section 10 and parties have the intention to create a legal obligation.

 

 

What agreements are Contract (Section 10)?

 

The conditions for agreement to be considered as a contact -

1. Free consent of Parties

2. Parties should be competent to contract

3. Lawful consideration

4. Lawful object

 

 

 

 

 

 

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