Explain the concept of contract.

1.	Explain the concept of contract.
Answer» Contract is a voluntary, deliberate, legally-binding agreement between two or more competent parties which defines the legal obligation and authorities of parties. According to Pollack : “Every agreement and promise enforceable by law is a contract.” According to Sir William Anson : “A legally binding agreement between two or more persons by which rights are acquired by one or more to acts or forbearance on the part of other.” According to sec. 2 (h), a contract has these two essential elements : 1. An agreement, 2. Enforceability by law.

Answer»

Contract is a voluntary, deliberate, legally-binding agreement between two or more competent parties which defines the legal obligation and authorities of parties.

According to Pollack :

“Every agreement and promise enforceable by law is a contract.”

According to Sir William Anson :

“A legally binding agreement between two or more persons by which rights are acquired by one or more to acts or forbearance on the part of other.”

According to sec. 2 (h), a contract has these two essential elements :

1. An agreement,

2. Enforceability by law.

Discussion

No Comment Found

Related InterviewSolutions

Those agreements which create legal obligations, i.e. enforceable by law are : (a) Contract (b) Agreement (c) Both (a) & (b) (d) None of these
What do you understand by Quasi contract?
What is contract ? Explain the difference between a contract and an agreement.
What do you mean by coercion ? Explain along with an example.
Explain ‘offer’ with a suitable example.
Write any 5 essential elements of valid contract.
How is contract defined as per section 10 of Indian Contract Act, 1872?
When did Indian Contract Act come into existence? (a) 1st September, 1872 (b) 14 September 1874 (c) Both (a) & (b) (d) None of these
What do you understand by undue influence?
Contract consists of two essential elements. These are : (a) An agreement (b) Enforceability by law (c) Both (a) & (b) (d) None of these