7/15/2023 0 Comments Elements of a contractIt is also a gentleman’s promise which may or may not be fulfilled by the promisor.Īll these agreement remain only an agreement between the parties and they never become a contract in the eyes of law, because they are merely social, domestic or moral arrangements, which lack a basic intention to create legal relations. On the other hand, all those agreements are said to be unenforceable in which an aggrieved party cannot go to a law court and that is left at the mercy of the parties only. In other words, the parties to an agreement must be bound to perform their promises and in case of default by either of them, must intend to sue and be sued. Enforceability of Agreement by lawĪgreements based on its enforceability by law are of two types-Īll agreements to become a contract must be enforceable by law. Thus agreement is the outcome of two consenting minds i.e. Two parties must be thinking of the same thing in the same sense. It also implies that the parties have a common intention about the subject-matter of their agreement. ![]() In other words, an agreement consists of a proposal or an offer by one party and its acceptance by the other party. Further, Section 2 (b) defines promise as, “ a proposal when accepted become a promise.” ![]() Section 2(e)defines agreement as “ every promise or every set of promises forming the consideration for each other“. These two components together constitute the basis for a contract and are explained as follows: 1. There are two basic essential elements of a contract Law of Contract basically relates to the essential elements of a valid contract, the rules for performance and discharge of a contract and the remedies available to the aggrieved party in cases of the breach of the contract.
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