Business laws notes

DEFINATION OF CONTRACT
‘’AN AGREEMENT OF ENFORCEABLE BY LAW IS A CONTRACT’’.

FROM THE ABOVE DEFINITION , WE FIND THAT A CONTRACT ESSENTIALLY CONSISTS OF TWP ELEMENTS :

(1) AN AGREEMENT (2) LEGAL OBLIGATION I.E., A DUTY ENFORCEABLE BY LAW.

AGREEMENT : AS PER SECTION2(E): EVERY PROMISE AND EVERY SET OF PROMISES, FORMINGB THER CONSIDERATIONS
FOR EACH OTHER ,IS AN AGREEMENT.” THUS IT IS CLEAR FROM THE DEFINATION THAT A PROMISE IS AN AGREEMENT.