BUSINESS LAW NOTE UNIT- 1A
A. Contract – meaning, characteristics and kinds Visit my youtube channel RKD Commerce and Arts Coaching Q.1. Define the term contract. Ans: A contract is a legally enforceable agreement between two or more parties with mutual obligations. The Indian contract Act 1872, section 2(h) defines the term contract as “an agreement legally enforceable by law”. Q.2. What are the essentials of a contract? Ans: The essentials of a contract are: 1. There must be an agreement between two or more persons. 2. The parties must intent that their agreement will result in legal relations. 3. The contract must comply with any required statutory formalities. 4. The agreement must be genuine and not be affected by factors such as mistake, misrepresentation, fraud and undue influ...