CONTRACT LAW.

contract law according to Indian contract act 1872 is an agreement enforceable by law and contract is agreement made between two or more parties which the law will enforce.

The essential elements of a valid contract are offers and acceptance it is one of the essential of valid contract that must be an offer from either side of the party without the offer a contract cannot be formed there must be an offer from one party and acceptance from the other party secondary legal relationship the parties to an agreement must create legal relationship agreements of a social or domestic nature do not create legal relations and as such cannot give rise to a contract early lawful consideration consideration is something in return consideration has been defined as the price paid to one party to the promise of the other fourth capacity of parties it means that the parties to an agreement must be competent to contract accountant by a person of unsound mind is void ab initio does and contact enter into by a minor or by a lunatic is void fifth free consent for a valid contract it is necessary that the consent of parties to the contract must be free sixth lawful object it is also necessary that agreement should be made for a lawful object every agreement of which the object or consideration is unlawful is illegal seventh certainty for a valid contract the terms and condition of agreement must be clear and certain 8 possibility of performance if the act is legally or physically impossible to perform the agreement cannot be enforceable at law ninth not expressly declared void agreement must not be one of those which has been expressly declared to be void by act certain agreements are declared void under the Indian contract act 1872 finally legal formalities according to contract act and contract may be oral or in writing. Although In practical it is always in the interest of parties that the contract should be made in writing so that it may be convenient to prove in the court.

The contract are classified on the following basis 1 on the basis of enforceability consisting of of valid contract voidable contract void agreement void contract enforceable contract express contract implied contract executed contract E-Commerce contract by letter contract. Valid contract is a contract which are enforceable in a court of law voidable contract if one party to the contract as the option of enforcing a contract by law but not at the option of the other it is and voidable contract void agreement agreement not enforceable by law void contract it is an agreement it may be enforceable at the time when it was entered into but later on due to certain reason impossibility or illegality of the contract it may become unenforceable express contract is a contract with the offer or acceptance of any promise is made in words the promise is said to be express unenforceable contract is a contract which as not properly fulfill the legal formalities that means unenforceable contract suffers from some technical defect like insufficient stamp executed contract is a contract with both the parties and perform their obligations bilateral contract is a contract with both the parties to perform their obligation E-Commerce contract is a contract basically done through online mode using internet.

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