Define contract. Describe the essentials of a valid contract
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. All agreements are not contracts. Only
Meaning and Nature of Law
What is Law ?
Law means those rules and regulations which are binding on us and
there is a sanction if we do not obey law.
Law is those rules of conduct recognised by the state and enforced on
Characteristics of Law
Define consideration. What are the legal rules of consideration?
Consideration must be of value (at least to the parties), and is exchanged for the performance or
promise of performance by the other party (such performance itself is consideration). In a c