Download Business Legislation By Guru Jambheshwar Pdf book free online – from Business Legislation By Guru Jambheshwar Pdf book; This book explains the following topics: Essentials Of A Valid Contract, Void Agreements, Performance Of Contracts, Breach Of Contract And Its Remedies, Quasi-contracts, Contract Of Sale Of Goods, Remedial Measures, Nature And Types Of Negotiable Instrument, Nature And Types Of Companies, Formation Of A Company, Prospectus, Share And Share Capital,
A contract is a legally binding agreement, that is, an agreement which will be enforced by the courts. Salmond defines contract as, “an agreement creating and defining obligation between the parties.” Halsbury defines a contract to be, “an agreement between two or more persons which is intended to be enforceable at law and is constituted by the acceptance by one party of an offer made to him by the other party to do or abstain from doing some act.”
An agreement gives birth to a contract. An agreement is defined as, “every promise and every set of promises forming consideration for each other.” A proposal when accepted becomes a promise. Thus an agreement is an accepted
proposal. An agreement comes into existence only when one party makes a proposal or offer to the other party and the other party signifies his assent thereto. In short, an agreement is the sum total of offer and acceptance.
It is to be remembered that a contract comes into being on the date on which it is entered into between the parties. The date of its execution is immaterial for determining the validity of the contract. In other words, a contract is a contract from the time it is made and not from the time its performance is due.