Contract in India Definition of contract

How is the contract in India / Contract in India Definition of contract - As per Section 2 (h) of the Indian Contract Act, an agreement enforceable by law is a contract. Essential elements of contract (1) There is an agreement. (2) enforceable by agreement law. (1) Agreement - Every word or class of promise which is a reward for each other is called a contract. (2) Agreements enforceable by law - According to Section 10, all those agreements are contracts which are made for the lawful purpose and for the lawful purpose with the independent consent of the competent parties to the contract and are not expressly declared void. Are. Therefore the following conditions must be fulfilled for a valid contract - (1) The parties should be competent. (2) Opinion should be independent. (3) The reward and purpose should be lawful. (4) Should not be declared as void. (5) If required, the agreement should be written and registered. Difference in agreement and contract 1. Related to definition - Contracts enforceable by law are contracts whereas each class of promises and words which are a reward for each other is called agreement. 2. Field related - All contracts are agreements whereas all agreements are not contracts. Only agreements enforceable by law are contracts. 3. Related to effect - The contract always has binding effect on the parties to the contract whereas the agreement does not always have binding effect. 4. Enforceable - Contract is enforceable by law whereas contract is not enforceable by law. Difference between null and voidable contracts 1. Zero contracts are not enforceable by law whereas voidable contracts are enforceable only at the will of one party. 2. Period of Validity - Zero contracts are void from inception whereas voidable contracts remain valid till the aggrieved party declares void. 3. With respect to rights - Under the void contract, the parties do not get any legal right whereas in the voidable contract, the aggrieved party has the right to terminate the contract and get compensation in some cases. 4. Transfer of Rights - In a void contract, the third party does not get any right whereas in a voidable contract the third party can get good rights.