Monday, 10 July 2017

INDIAN CONTRACT ACT, 1872

IF you observe the above flow chart, an Agreement which is enforceable by law is a contract.
  1. It means each one of us may enter into many agreements in our day to day life.
  2. it may be knowingly or unknowingly.
  3. But all of them will not be contracts.
  4. because, such an agreements may not have enforceability.
To get Enforceability to an agreement the following are required
  • A valid offer
  • a valid acceptance
  • a valid consideration
  • capacity of parties
  • free consent
  • legality of object and consideration
  • it must not a void agreement
  • and a few more other legal requirements are needed.
Hence, each and every agreement will not become a contract. If the above things are supported then only it becomes "a contract"

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