Contract

The Law of Contract is on the basis of commercial law.

Every business is doing their day to day business and making agreement to the parties and they should
know what are valid agreement by laws and are enforceable as well as those which are mere
agreements and not enforceable.

A contract is an agreement (or set of promises) between two or more parties involving the creation of
legal rights and obligations which will be enforced by the courts.

Thus, the essential elements of a valid contract are as under:

a) agreement (Offer and Acceptance),

b) Intention to create legal relations &
c) Consideration.

When A offer B for the development of land with certain amount within the time frame they have
agreement and has intention to create legal relations with consideration.

No, a contract cannot be valid if any one of the above mentioned elements are not present in contract.
If offeror makes an offer and is accepted by offeree then it is an agreement. But if offeree doesn’t
accept offer then it is not contract. The parties will only be in a contractual relationship if there is
agreement (and assuming that there is intention and consideration).