All Agreements Are Contracts
AGREEMENT AND CONTRACT
1. Introduction
Dear students, welcome to the lecture series on Business Regulatory Frame Work.
Today we are going to discuss the Indian Contract Act 1872. Before I start my discussion on the contract, I would like to make you aware that the Indian
Contract Act 1872 came enforced on the 1st day of the September 1872. It is applicable to whole of the country except the State Jammu & Kashmir. The course related to the law is designed to impart the knowledge to the student so that they are acquaint with the general principles of the law. As you know in our day to day life we come across number of contracts but we are not aware about them. When we board a bus or when we go to see a movie or we lend away book to our friend or when we are depositing the luggage in the railway clock room, the law comes in the picture without understanding the law we will not be able to understand what are the rights and the obligation granted to the individuals. The objective of this course is to provide a brief idea about the frame work of the Indian Business Law.
2. Agreement and Contract
Now we will start our discussion on the Indian Contract Act. First of all we should understand what is a contract? Apart from the legal definition if we generally understand the word Contract then we can say that a contract comes into the picture when there is an agreement and when the agreement become enforceable it become a contract. There are two words Agreement and Contract. What is an agreement? Agreement itself comes in the picture when there is an offer and acceptance. Now again if we go into the details of this offer and acceptance then we find that offer is an expression of the desire by one party in front of the other party to do something or not to do something is an offer. Suppose ‘A’ says to the
‘B’ that I would like to sell my car to you in fifty thousand rupees, will you buy?
Now here ‘A’ is expressing his desire to the ‘B’ to sell his car
1. Introduction
Dear students, welcome to the lecture series on Business Regulatory Frame Work.
Today we are going to discuss the Indian Contract Act 1872. Before I start my discussion on the contract, I would like to make you aware that the Indian
Contract Act 1872 came enforced on the 1st day of the September 1872. It is applicable to whole of the country except the State Jammu & Kashmir. The course related to the law is designed to impart the knowledge to the student so that they are acquaint with the general principles of the law. As you know in our day to day life we come across number of contracts but we are not aware about them. When we board a bus or when we go to see a movie or we lend away book to our friend or when we are depositing the luggage in the railway clock room, the law comes in the picture without understanding the law we will not be able to understand what are the rights and the obligation granted to the individuals. The objective of this course is to provide a brief idea about the frame work of the Indian Business Law.
2. Agreement and Contract
Now we will start our discussion on the Indian Contract Act. First of all we should understand what is a contract? Apart from the legal definition if we generally understand the word Contract then we can say that a contract comes into the picture when there is an agreement and when the agreement become enforceable it become a contract. There are two words Agreement and Contract. What is an agreement? Agreement itself comes in the picture when there is an offer and acceptance. Now again if we go into the details of this offer and acceptance then we find that offer is an expression of the desire by one party in front of the other party to do something or not to do something is an offer. Suppose ‘A’ says to the
‘B’ that I would like to sell my car to you in fifty thousand rupees, will you buy?
Now here ‘A’ is expressing his desire to the ‘B’ to sell his car