Contract : Definition

Q. Define Contract [4 marks - 2022]

Definition of Contract

Section 2(h) of Indian Contract Act defines a contract as "An agreement enforceable by law is a contract". Section 2(e) of the act defines agreement as "Every promise and every set of promises, forming the consideration for each other, is an agreement".

So, a contract is defined as an agreement between two or more parties that creates legally enforceable rights and obligations. A contract can be verbal or written. It can be a promise to do something or to refrain from doing something. 

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