Define the term Contract.
A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties. A contract is legally enforceable when it meets the requirements of applicable law.
The formation of a contract primarily begins when one person gives a proposal or offer to the other person. when a person makes an offer to the other person, the other person may accept it or reject it.Where the offer is rejected, it results is nothing but where the offer gets accepted, it becomes a promise.both of them make promises to each other.Terefore, there are two promises in one contract, and they are called as reciprocal promises.When one party exchanges his/her promise for the other party, this is termed as making an agreement. An agreement if can be made enforceable by the court of Law, it is a contract i.e. an agreement that can be forced/enforced by the law is a contract.According to sir Fredrick Pollock "Every agreement and promise enforceable at law is a contract"
The formation of a contract primarily begins when one person gives a proposal or offer to the other person. when a person makes an offer to the other person, the other person may accept it or reject it.Where the offer is rejected, it results is nothing but where the offer gets accepted, it becomes a promise.both of them make promises to each other.Terefore, there are two promises in one contract, and they are called as reciprocal promises.When one party exchanges his/her promise for the other party, this is termed as making an agreement. An agreement if can be made enforceable by the court of Law, it is a contract i.e. an agreement that can be forced/enforced by the law is a contract.According to sir Fredrick Pollock "Every agreement and promise enforceable at law is a contract"
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