The Indian Contract Act, 1872 governs law relating to contracts in India. In this article, we will discuss about the Meaning and Essentials of Contract.
Table of Contents
A Contract is an agreement enforceable by law. An agreement between two or more parties is a contract, if it satisfies following conditions:
Contract = Agreement + Enforceability
All contracts are agreement but all agreements are not contract.
Some of the eminent personalities have given definition of contract as under:
The key components to form a contract are:
Section 10 of Indian Contract Act provides the essentials elements of contract. According to the act:
The essentials of valid contract are:
Banking is a trust-based relationship between customer and bank. The customer and bank have transactional relationship. Depending upon the type of transaction, they enter into different type of relationships. The following are the relationships between banker and customer:
We shall discuss these all relationships in separate article. That’s it about Meaning and Essentials of Contract.
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