MID TERM ASSIGNMENT

This is not a valid contract. A valid contract is an agreement, which is binding and enforceable.
In a valid contract, all the parties are legally bound to perform the contract. The Indian
Contract Act, 1872 defines and lists the essentials of a valid contract through interpretation
through various judgments of the Indian judiciary. Section 10 of the contract act enumerates
the points of essentials for valid contracts.

CONTRACT:-
Indian Contract Act frames and validates the contracts or agreement between various parties.
Contract Act is one of the central laws that regulate and oversee all the business wherever there
is close of an agreement.
The Indian Contract act, 1872 defines, as an “an agreement enforceable by law is a contract”.
Thus for a valid contract, there has to be an agreement which is enforceability, an agreement
must possess the essential elements of a valid contract as contained in the contract act, 1872.
Contract = Agreement + Enforceability

Agreement
The first recruitment of a valid contract is an agreement. Every promise and all set of
promises, forming the consideration for each other is an agreement. When a person to whom
the proposal is made defines his assent, the proposal is said to be accepted. A proposal, when
accepted, becomes a promise.

Enforceability
An agreement to mature into a contract must create legal obligation as per the provision of
contract laws that is a duty enforceable by law. Any agreement which does not create any
enforceability, i.e. where the parties do not have a right to approach the court of law to avail
legal remedy for breach of contract will not be a contract.