The contract is a legally applicable agreement. Between two or more parties to do or not to do something in particular. Contracts can also be classified by performance. A contract can be executed or testamentary. An executed contract is when one of the parties has done everything necessary under the treaty. For example, Alan delivers a ton of wood to Brian. Alan has fulfilled his part of the contract, now it`s up to Brian to pay the price. A contract of testamentary performance – This is a contract in which both parties still have obligations under the treaty. As a general rule, the parties to a countervailable contract are entitled to restoration of their original state. Let`s say you agree to buy your 17-year-old neighbor`s car.
It will provide it to you in exchange for your consent to pay it next week. He has the legal right to terminate the agreement and recover the car. In this case, you obviously do not have to pay it. If you have already paid for it, it can still legally demand a return to the status quo ante (previous situation). You have to return the car to him; He has to give you the money back. The term “contract” as defined in section 2(h) of the Indian Contract Act, 1872, is defined as a “legally enforceable agreement”. The definition contains two main elements “agreement” and “applicable by law”, which must be well understood. Before entering into an agreement, it is important that the parties understand the fundamental principles of contract law, so as not to create future disputes between them or suffer losses due to the inapplicability of the other party`s obligations under the contract. It is also necessary that the object of the agreement, the rights and obligations of each party be defined and clear from the outset and that it follows the dictates of land law, so as not to receive sanctions or tribulations from the courts or other authorities, because ignorance of the law is not an excuse. even more so for people who try to legally bind them by the vicissitions of the law. A contract is a legally enforceable agreement between two or more parties, which explicitly specifies the respective rights, obligations, obligations and commitments that the parties mutually agree….