Common Contracts

Contract

July 28th, 2020

• Filed
  July 28th, 2020

According to section 2 (h) of the Indian Contract Act, “an agreement enforceable by law is a contract”. That is all agreements are not contract. An agreement, in order to become a contract must satisfy certain conditions which are the essential elements of a contract. For example, if an agreement is not indented to create legal relationship, agreement not made with the free consent of the parties, agreement not made for a lawful object etc. These agreements are not valid contracts. An agreement which does not create legal obligation is also not a contract. Thus all contracts are agreements but all agreements are not contracts.