Importance Of Contract Law

2213 Words 9 Pages
Register to read the introduction… It means whenever one or more persons promise to each other to do or not to do something that is an agreement.

On the other hand according to the contract act 1872 a contract is, "An agreement enforceable by law." - Sec 2(h). According to Salmond, "A contract is an agreement creating the defining obligations between the parties". According to Sir William Arson, "A contract is an agreement enforceable at law made between two and more persons by whom rights are acquired by one or more by to act or forbearance on the part of the others.
Agreement is emerged from willingness of both parties to do or not to do something. As no legal obligation is required here so just any two parties can mutually dispute on any matter. Agreement is emerged this way.
But all true contracts begin with an agreement.

An agreement may be legal or illegal. As it is not bound by the law it needs not to follow the rules. On the other hand only legally enforceable agreement is contract. So it can never be
…show more content…
13 – Conclusion:

Contract is an agreement between two or more person creating rights and duties between them and which is enforceable by law. Pollock defines contract as every agreement and promise enforceable at law is contract.
A contract is an agreement creating and stating responsibility between the parties. According to section2b of the contract act, an agreement enforceable by law is contract. So it is clear the contract consist of two elements:
• An agreement
• The agreement should be enforceable by law.
According to section 2e every promise and combination of promises making the consideration for each other is an agreement. It is clear from the definition that promise is an agreement. Section 2 defines the promise as when any person with the suggestion is made indicate his assent thereto, it means the proposal is accepted. A proposal when accepted becomes a promise. We can say that an agreement is an accepted proposal. The process of definition shows that a contract is an agreement, an agreement is a promise and a promise is an accepted proposal. An agreement therefore comes into existence only when one party makes a proposal or offer to the other and that other signifies his assent thereto. In short every agreement is the result of a proposal from one side and its acceptability by the

Related Documents