ASSIGNMENT

The Indian Contract Act 1872

1)What is contract?
Ans-The Indian Contract Act 1872 defines the term ‘Contract’ under
its section 2(h) as “An agreement enforceable by law”. In other
words we can say that a contract is anything that is an agreement
and enforced by law of the land.
2)What is agreement?
Ans-The Indian Contract Act 1872,section 2(e),defines an agreement
as “every promise and every set of promises, forming the
consideration for each is an agreement”. The assent of the others,
results in the acceptance of the offer; thereby creating an
agreement.
3)What is promise?
Ans-Section 2 of the Indian Contract Act of 1872 defines what
promises are ;when someone expresses his willingness to do
something, he is said to make a proposal. When the other person
accepts the proposal, the proposal becomes a promise.
4)What is enforceable by law?
Ans-Agreement enforceable by law- the agreement that satisfy the
essentials of a valid contract are enforceable by law. Thus section 10
of the Act state about the essential elements of a valid contract. In
order to constitute a contract the parties must consent to the
agreement.