What is law? Defination: Law includes all the rules and principles which regulate our relations with other individuals and with the state. State: Law as rules of external human action enforced by the sovereign political authority.
Object of LAW
The following are some of the objectives.
To maintain law and order
To establish socio-economic justice
To remove imbalance in the socio-economic structure
Need for Law
Ignorance of law is no excuse.
Nature of Law
It deals with contractual situations and the right and obligations arising out of mercantile transactions between mercantile persons.
The law relating to contracts is contained in the Indian Contract Act,1872.
Defination: It is an agreement made between two or more parties which the law will enforce.
A contract essentially consists of two elements such as:-
Its enforceability by law
Defination: Agreement is defined as every promise and every set of promises ,forming consideration for each other.
A promise is defined as when the person to whom the proposal is made signifies his assent thereto ,the proposal is said to be accepted.
The essence of agreement is the meeting of the minds of the parties in full and final agreement-Consensus ad idem
Obligation: An agreement, to become a contract, must give rise to a legal obligation or duty
Essential Elements of A Valid Contract
An agreement must have the following essential elements:-