As the world is changing, everything is getting more advanced and better. Now people are more smart, they take every step very smartly just to be safe and secure .Different sectors of the society work for their goals and objectives but it is really very important for every organization to work in a legal manner. Every organization, whether small or big, enters into various contracts for the fulfillment of their objective. And these contracts are very much required because in a contract there are two parties, one who gives the offer and second, who accepts the offer. In a contract it is clearly mentioned that what are the activities that both the parties have to perform and how and for what duration of time?

A contract is always made before the project begins because both the parties have given their conformity that these are the particulars which they will be performing under the contract. And if any of the parties refuses to do their work which he or she is bound to do according to the contract then the opposite party can challenge the party in the court of law. Contracts can be oral or written also.

In a simple layman language contract means to enter in a formal or a legally binding agreement. Many people use the word contract in their daily life but they don’t exactly know what a contract actually is. Contract is basically an agreement which is enforceable by law. It is clearly mentioned under Section 10 of The Indian Contract Act, 1872 that what agreements are contracts?

So the essentials required for an agreement to be a contract are:

1. That the parties indulge into the contract must have given their consent freely and that consent must not be attained due to  Coercion which is defined under Section 15 of The Indian Contract Act, 1872, by Undue Influence defined under section 16 of The Indian Contract Act, 1872, by Fraud defined under Section 17 of The Indian Contract Act, 1872, by Misrepresentation defined under Section 18 of The Indian Contract Act, 1872, by Mistake defined under Section 20, 21 and 22 of The Indian Contract Act, 1872. 
2.  The parties in between whom the contract is made must be competent to contract and it is mentioned under Section 11 of The Indian Contract Act, 1872  clearly that the parties who are involved in the contract must have attained the age of majority according to the law, must be of sound mind, and must not be disqualified from contracting by any law.
3. There should be a lawful consideration in between the parties which means that whatever the consideration will be given under the contract must be legal.
4. That the contract cannot be made for the objects that are illegal in the eyes of law.
5.  The agreements should not be expressly declared to be void by the law. Example of this is that agreements whose meaning is not certain or capable of being certain must be void or agreements to do impossible acts are also void.

So, these points are very much required for an agreement to be a contract and apart from these points intention to create legal relationship is also very important as when the contract is created by both the parties, at that point of time they must have an intention to keep their relationship legal and if something wrong happens then any person among both the parties can approach the court for justice. 

So, after reading all these points we got to know that not every agreement is a contract and every contract is an agreement.

Contract is not as simple as we think. In fact it has some specific grounds and some essentials which strongly needs to be followed in order to enter into a valid contract. Even if one of the essentials of the contract is missing then the contract is not valid. Contracts can be void, voidable and void-ab-initio according to the grounds of the contract.

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

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