What is a contract as per Indian Contract Act ?
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Contract Act defines a Contract as “An agreement which is enforceable by Law”[i]. An Agreement is a settlement between two parties, which contains obligations or promises which both parties need to fulfil. When such an agreement is made binding by Law it becomes a Contract.
Explanation:
The term Contract has been defined under Section 2 (h) of the Indian Contract Act ,1872. It defines a Contract as an Agreement enforceable by law. An agreement cannot turn into a contract unless it can be enforceable by law.
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