KNC501/KNC601 Constitution of India, Law and Engineering
Chapter 11: Contract law
What is Contract law
A contract is an agreement that is enforceable by law. A promise or a number of promises that are not contradicting and are accepted by the parties involved is an agreement. A contract is only legally enforceable. … It may or may not be enforceable by the law. A contract has to create some legal obligation.
Contract law governs the legality of agreements made between two or more parties when there is an exchange of some sort intended to take place. In nearly all business transactions, contracts are made. … Examples of such agreements in business include bills of sale, purchase orders, and employment agreements.
The 5 Elements That Constitute a Binding Contract
- Mutuality of Obligation.
- Competency and Capacity.