An offer when it is accepted becomes an agreement. But all agreements are not contracts. In order to become a contract, an agreement must be enforceable by law. Therefore, only those agreements which are enforceable by law can result in contracts. Offer + Acceptance = Agreement Agreement + Enforceability = Contract Agreement Under Section 2(e), […]
The Indian Contract Act, 1872 : Agreement and Contract Read More »
An agreement is a law-enforceable course of action. An agreement is, from an overall perspective, a group of corresponding guarantees between the two gatherings, composed or oral, restricting them in a lawful relationship. An agreement is a coupling commitment on the gatherings who have consented to haggle with one another in contract. A breach is
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‘Quid pro quo’, a legal maxim literally meaning something for something. It is a common understanding between parties to supply a commodity, reciprocally for the merchandise or administrations which they have each profited by accepting. Consideration in layman’s term is the simple concept of give and take. The Indian Contract Act defines consideration as, ‘When
Consideration Under Indian Contract Act 1872 Read More »