WHAT IS A CONTRACT ?
Defined under section 2(H)of Indian Contract Act, 1872.
An agreement enforceable by law is a contract.
To understand contract we need to understand two things:-
What is an Agreement ?
How a contract becomes enforceable ?
IMPORTANT CONCEPTS
• Proposal or Offer ( Section 2(A) )
• Acceptance ( Section 2(B) )
• Promise ( Section 2(C) )
• Consideration ( Section 2(D) )
• Agreement ( Section 2(E) )
These concepts help us to understand the formation of contract.
PROPOSAL (OR) OFFER
• Initial point of a contract.
As per sec -2(A)
When a person signifies to another his willingness to do or abstain from doing something, with a view to obtain his assent, he is said to make a proposal.
Acceptance
As per sec 2(B)
When the person to whom the proposal is made, signifies his assent thereto, the proposal is said to be accepted.
Proposal + Acceptance = Promise
According to Section 2(B),
A Proposal when accepted becomes a promise.
Consideration
According to Section 2(D),
When, at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing something, such act or abstinence is called a consideration for the promise.
Promise + Consideration = Agreement
Agreement
According to section 2(E),
Every promise and every set of promises forming consideration for each other is called an Agreement.
Agreement + Enforceability = Contract
Synopsis
Proposal + Acceptance = Promise
Promise + Consideration = Agreement
Agreement + Enforceability = Contract
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