The law relating to the contracts is contained in the Indian Contract Act. 1872. It is that branch of law which lays down the essentials of a valid contract, the different modes of discharging the contract and the remedies available to the aggrieved parts in the case of breach on contract. It is the most important branch of business law. It is of particular importance to people engaged in trade, commerce and industry as bulk of their business transactions are based on contracts.
A contract is an agreement made between two or more parties which the law will enforce Sec. 1 the of the Indian Contract Act defines it as “An agreement enforceable by law” Sec 10 lays down that “All agreements are contracts if they are made by the free consent of parties competent to contract for a lawful consideration and with a lawful object and are not hereby – expressly declared to be void.
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