CONTRACT LAW

CONTRACT LAW. 1) WHAT IS CONTRACT? An Agremment which is enforceable by law it is known as contract..

2)FORMATION OF CONTRACT BASICS. It is a legal agreement between two parties. There are a lot of initial steps taken to enter into the agreement. But there is a basic step of contract is that one party is making an offer and other party is accepting. To form the contract at least two parties must be involved into it and as there two parties are offeror and offeree. If there is a dispute arised between two parties such as breach of contract lawsuit, so court will analysis all the steps if the agremment is valid included offer, acceptance and consideration..

3) ADDITIONAL ELEMENTS. There are some additional elements can be included and examined by the court that is :- Whether Formalities were observed. 2) The Legal Capacity or lack of the parties. 3) Whether the parties intended to create a legal relationship..

4) TWO ELEMENTS. There are two elements that is :- Offer :- One Party proposes to another that they will enter into a legal contract along with defined terms. The Intention of the offer must be serious, and it should be easily understood by all the parties which are involved. Offers can be made to individuals and meaning the scope of an offer can vary widely. When an offer is made, it should include languages that indicates the offeror is willing to enter into the contract without any additional negotiations taking place on acceptance..

2) Acceptance :- Acceptance must be done when the offer was made by party and they accepted it without qualifications. Acceptance can take place in many forms. A contract cannot be legally binding unless the offer and acceptance match..

5) SEVERAL REQUIREMENTS. The Acceptance needs to reflects the offer. 2) The offeree must have full knowledge of the offer before accepting. 3) At once time, the acceptance has been communicated, the contract becomes binding. But before that the offeree must clearly communicate their acceptance to the offeror..

6) COUNTER OFFER. TUANKS cop LETTING ME KNOW YOU WORKING.

When an offer is accepted on the terms and conditions other than set out by the offeree it is called Counter Offer..

7) ESSENTIALS OF THE CONTRACT. According to Section-10 of the Indian Contract Act, 1872 Essentials of the contract is defined that is :- 1) There should be an agreement between two parties. When a proposal by one party and its accepted by another party, so it becomes an contract. 2) The parties must be competent to enter into an agreement..