Contract law definition india

A contract is an accepted proposal (agreement) that is fully understood by the law and is legally defined or enforceable by the law

So a contract is a legal document that bestows upon the party’s special rights (defined by the contract itself) and also obligations that are introduced, defined, and agreed upon by all the parties of the contract

This definition means that a contract is a sort of an agreement between two or more parties which is enforced by law or it can be said that it is a law-abiding agreement

All the contracts and the agreements between various parties are validated and governed by the Indian Contract Act (ICA)

Indian Contract Act frames and validates the contracts or agreements between various parties

Contract Act is one of the central laws that regulate and oversee all the business wherever there is a case of a deal or an agreement

The following section will tell us what a contract is

We will see how the Indian Contract Act, 1872 defines a contract