Definitions

A. CONTRACT Sec.2(h)
An agreement enforceable by law.
B. AGREEMENT Sec.2(e)
Every promise and every set of promises forming consideration
for each other.
C. ENFORCEABILITY BY LAW
An agreement which creates legal obligation on the part of
parties.
D. PROMISE Sec.2(b)
A proposal when accepted becomes a promise.
E. CONSIDERATION
Price paid by the one party for the promise of the other. Technical
word meaning ‘QUID PRO QUO’ i.e. something in return
 Essential elements
• Proper offer , proper acceptance
• Valid considerations, free concent
• Legal relationship, certanity of terms
• Possibility of performance
• Capacities of parties, legal object
• Standard format
 Types of contracts
• Valid , Void, Voidable
• Express , Implied, Tacit
• Unilateral, Bilateral
• unenforceable., Illegal
• Simple, Formal
 Bits
• The law of contract in India is contained in:
• Indian Contract Act, 1862
• Indian Contract Act, 1962
• Indian Contract Act, 1872
• Indian Contract Act, 1762
• 2. An agreement enforceable by law is:
• Promise
• Contract
• obligation
• lawful promise
• 3. A void agreement is one which is:
• valid but not enforceable
• enforceable at the option of both the parties
• enforceable at the option of one party
• not enforceable in a court of law.