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Indian Contract Act, 1872

01/12/2016 1 0

The law of contract deals with the general rules relating to all types of contracts and special provisions relating to some specific contracts. The law of contract contained in the Indian Contract Act, 1872.

According to S. 2(h) of The Indian Contract Act:-

CONTRACT = AGREEMENT + ENFORCEABILITY OF LAW

With reference to this definition -

* AGREEMENT = OFFER + ACCEPTANCE

* ENFORCEABILITY OF LAW = Fulfillment of all conditions under section 10 of the Indian Contract Act, 1872 which includes:-

1. OFFER

2. ACCEPTANCE

3. CONSIDERATION

4. FREE CONSENT

5. COMPETENT PARTIES

6. LAWFUL OBJECT

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