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634c1a713bf3a - 6346521a59b4b - Introduction Contract
634c1a713bf3a - 6346521a59b4b - Introduction Contract
Introduction
Social obligation
Legal obligation
Example –
BASIS
AGRE CO
FOR
EME NTR
COMPARIS
NT ACT
ON
Meaning When a proposal is accepted by When an agreement is
the person to whom it is made, enforceable by law, it
with requisite consideration, it is becomes a contract.
an agreement.
Elements Offer and Acceptance Agreement and Enforceability
Legal obligation Does not creates legal obligation Creates legal obligation
One in other Every agreement need not be a All contracts are agreement
contract.
Scope Wide Narrow