What is Contract ?

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What is Contract ?

A contract is a voluntary agreement between two or more parties that the law recognizes and 

enforces. It creates binding legal obligations, meaning each party is expected to perform what 

they have promised. In civil law systems, contract law forms an important part of the law of 

obligations and deals with the rights and responsibilities that arise from agreements.


A contract is a legally enforceable agreement between two or more parties by which they 

create, modify, or extinguish legal rights and obligations.


A contract comes into existence when the parties reach a clear understanding that they intend 

to be legally bound by their agreement. For a contract to be valid, there must usually be an 

offer, acceptance of that offer, consideration, and a mutual intention to create legal relations.

According to Section 504(1) of the Civil (Code) Act, 2074,

“Contract means an agreement enforceable by law concluded between two or more parties for performing or not performing any work.”

Example :-

An employer agrees to hire an employee at a fixed salary, and the employee agrees to work under stated terms and conditions. If the employee can't able to perform their duty then employer is not binding to give recognized salary.

Essential Elements of Contract ? 

The essential elements of a contract are given below :-

  1. Offer - One party proposes terms and conditions of contract.

  2. Acceptance - The other party agrees to those terms

  3. Consideration - Something of value exchanged (money, service, promise, etc.) must done  between parties.

  4. Free consent - Agreement be complete without coercion, fraud, or mistake.

  5. Lawful object - The purpose of contract must be legal.

  6. Competent parties - Parties must be legally capable of contracting.

  7. Capacity of Performance - Parties of contract must have capacity to fulfill the terms and conditions of contract at the time of contract.

Thus, in the absence of any element of contract that contract may be void ab initio or voidable.

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