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The Indian Contract Act, 1872
What is the definition of a contract under the Indian Contract Act, 1872?
A contract is an agreement enforceable by law, formed when an offer is accepted and supported by lawful consideration between competent parties for a lawful object.
What is a 'proposal' under Section 2(a) of the Indian Contract Act, 1872?
A proposal is when one person signifies willingness to do or abstain from doing something to obtain another's assent.
What are the essential elements of a valid contract under Section 10 of the Indian Contract Act?
A valid contract requires free consent, competent parties, lawful consideration, a lawful object, and must not be expressly declared void by law.
What is an 'acceptance' under Section 2(b) of the Indian Contract Act?
Acceptance is when the person to whom the proposal is made signifies his assent thereto.
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