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Saksham
Legal Advisor!Ā ā¢Ā 1y
In your daily life, you hear the terms Contract and Agreement. Most people think both are same but they are different. To make it easier, understand that all agreements are not contracts however all contracts are agreements. According to Section 2(h) of Indian Contracts Act, "An agreement enforceable by law is a contract" and According to Section 2(e), "Every promise and every set of promises forming a consideration for each other is an agreement." Essentials for a valid contract: 1. Agreement between 2 parties 2. Both parties should be competent to contract 3. Presence of lawful consideration and object 4. Free consent of both the parties 5. The agreement should not be invalid An agreement consists of a proposal from one side and the acceptance of that proposal from the other resulting in promise. This promise is known as an agreement.
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