INDIAN CONTRACT ACT

CONTRACT
Any written or spoken agreement that is enforceable by law is known as a contract.

•A contract is made between two or more parties whose terms and conditions are
enforceable by law and no one can overrule them basically a contract has its own
legal obligations that agreed parties have to abide by.

•Oral contracts are more challenging in the court of law as compared to written
contracts
INDIAN CONTRACT ACT
Indian contract act came into existence in 1872, which lays down all the basic guidelines
about the agreed contract between two parties.

•Under section 2(h) a contract means 2(h))is an agreement enforceable at law, made

•between two or more persons, by which rights are acquired by one or

•more to acts or forbearances on the part of the other or others.

•A contract is an agreement creating and defining obligations between the

WHAT DOES THE TERM PARTIES MEAN
IN A CONTRACT?
A contract party or contracting party are individuals who agrees to come into
contract which the other side (the other part)

•These two parties agrees to all the obligations written in the contract..
SALES CONTRACT
A sales contract is a legally binding document between a buyer and seller. The
document includes the details of the exchange, the terms of sale, clear product or
service descriptions and more. A good sales contract should leave no doubt in
either party's mind about their rights and obligations during a transaction.
BUYER AND SELLER
Buyer And Seller. As per the sec 2(1) of the Act, a buyer is someone who buys or
has agreed to buy goods. Since a sale constitutes a contract between two parties, a
buyer is one of the parties to the contract. The Act defines seller in sec 2(13). A
seller is someone who sells or has agreed to sell goods.
TERMS AND CONDITION
“Termsand Conditions” is the document governing the contractual relationship
between the provider of a service and its user.