Section 10 of Indian Contract Act 1872
1. Free consent
2. Competent to contract/capacity of parties
3.Lawful consideration
4. Lawful object
5. Agreement not declared
6. Two parties
7. Certainty
8.Legal formalities
9. Intention to create legal obligation
10. Capable of performance
11. Consensus ad-idem (identity of mind)
Tuesday, 24 December 2013
Definition of CONTRACT
Contract is defined as Section 2 (h) of the Indian Contract Act 1872 as follows: "An Agreement enforceable by law is a contract".
Agreement is defined in Section 2 (e) as "every promise and every set of promises forming the consideration for each other".
Agreement is defined in Section 2 (e) as "every promise and every set of promises forming the consideration for each other".
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