Meaning of Contract, Nature and Scope of Contract
What is the meaning of contract? Meaning of Contract: – A contract means an agreement, which is enforceable by law. An agreement consists of reciprocal (mutual) promises between the two parties. In the case of contract each party is legally bound by the promise made by them. A contract is legally enforceable when it meets the requirements of applicable law. A contract or an obligation to promise may arise in the following ways: – By Agreement and Contract By Standard Form Contract; and By Promissory Estoppel. What is an Agreement? Meaning of an Agreement: – An Agreement is a promise between two entities creating mutual obligations by law. According to section 2(e) of the Act, every promise and every set of promises forming the consideration for each other is an agreement. In an agreement, there are promises from both the sides. All agreements are co...