What makes an agreement to become a contract?
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What makes an agreement to become a contract?
An agreement becomes a contract when it is enforceable by law (Section 2(h) of Indian Contract Act). In this section, an agreement is a contract when it is made for some consideration, between competent parties, with their free consent and for a lawful object.
What constitutes performance of a contract?
Performance, in law, act of doing that which is required by a contract. The effect of successful performance is to discharge the person bound to do the act from any future contractual liability. Each party to the contract is bound to perform promises according to the stipulated terms.
What is reasonable time for performance of a contract?
For example, if a contract does not fix a specific time for performance, the law will infer (and impose) a reasonable time for such performance. This is defined as that amount of time which is fairly necessary, conveniently, to do what the contract requires to be done, as soon as circumstances permit.
What Is the Effect of refusal to accept offer of performance?
Title: Effect of refusal to accept offer of performance. Description: Where a promisor has made an offer of performance to the promisee, and the offer has not been accepted, the promisor is not responsible for non-performance, nor does he thereby lose his rights under the contract.
What is the difference between performance of single promise and joint promise?
When a promise is made with several persons jointly, then, in the absence of any agreement to the contrary all the promise jointly have a right to claim compensation and a single promise cannot demand performance. When all the promise are dead, the legal representatives of all jointly can demand performance.
What is joint promises?
When two or more persons make a joint promise, the promisee may, in the absence of express agreement to the contrary, compel any one or more of such joint promisors to perform the whole of the promise. …
What are the rules of law relating to time and place of performance of a contract?
As a promisor and promise are essential to a contract, so are the time and place of the performance of contract. If a time and place for the performance of contract are agreed upon, then the promisor should perform the promise accordingly.
What do you mean by illegal agreement?
An illegal agreement in business law is a contract that was made for an illegal reason and is consequently against the law. If the content of the agreement causes the parties to perform illegal actions, then the contract is illegal. Agreements collateral to the original are also considered void.
How a contract becomes void?
For instance, if a contract is formed between two parties A & B but during the performance of the contract the object of the contract becomes impossible to achieve (due to action by someone or something other than the contracting parties), then the contract cannot be enforced in the court of law and is thus void.
