FACULTY OF LAW

LAW OF CONTRACT ASSIGNMENT - 1

1182200153_RISHABH - (A)

Q. Contract play a very important role in the day to day life of every
person. Many a times, people enter into contracts without realizing
it. Thus law of contract affects every person, Contract Act does not
only lay down a number of rights and duties which the law will
enforce; it consists rather of a number of limiting principles,
subjects to which the law will uphold. The parties to contract, in a
sense, make the law for themselves. Thus a contract is made in
accordance with the provisions of the Contract Act but the legal
right and obligations between the parties created by a contract are
enforceable by action against the party in default. On the basis of
this statement bring out the essentials of enforcement of contract,
along with appropriate case Laws.

ANS:- A contract by simplest means is a legally binding agreement.

There are several varieties, most common is the written and verbal. A
properly filled. out and signed contract is more than “just a strong
agreement”, it is al iteral promise that you must fulfil or face legal
consequences.

Forging a signature or forging changes to the document is illegal and

most courts will also act as if you had violated contract at your end
meaning you will face all legal reprecussions and any specified in the
contract. Ripiing it to pieces does nothing to it cause signing with. Pen is
just a formality really and not required. In the case of an email or sms
contract a signs not even required but many a times we enter into
agreements in real life without even knowing it consciously and many of
them turn out to be contracts which are legally binding. Which upon not
fulfilling we may face legal consequences.

Now the basic structure of a contract is terms, promised outcome with a

timeline or a deadline. Basically “I will do X if you do X”. if you do not do
things as laid down in the contract you are violating it. it gets even more
complicated with verbal contracts.
Think of a lawyer approved contract as a firm commitment and promise.
We see them all the time in business and sometimes in personal
arrangements such as a divorce settlement.

Now communication and exchange are central to the foundation of a

contract. For a contract to be formed there must be an offer and
consideration (something of value must be exchanged)

Signing a contract is a symbol of agreement and also a very good

evidence that you had agreed to such terms and conditions.
Having said that it is all a very fact dependent because in this day and
age contracts are so common that. If someone refuses to sign one and
said “lets just shake on it” an objective observer would think something is
up and that an agreement on the term of the contract had not been
made.

Though there are some contracts which need to be signed. The two
most common are will and property sales. A persons whole wealth and
land is treated very specially by the law and so the requirement of the
actual signed document is often required.

(CASE LAW TO BE WRITTEN FORM INDIANKANOON