The document discusses the definition and classification of contracts according to Indian law. It defines a contract as a legally binding agreement between two or more parties that creates rights for one or more parties to acts or forbearances from others. Contracts are classified according to their validity, formation, and performance. The key elements required for a contract to be valid include an offer, acceptance, lawful consideration, capacity and consent of parties, a lawful object, agreement not declared void, certainty of terms, and possibility of performance.

2.  INTRODUTION
 DEFINITION
 THE INDIAN CONRACT ACT ,1872
 CLASSFICATION OF CONTRACT
ACCORDING TO VALIDITY
ACCORDING TO FORMATION
ACCORDING TO PERFOMANCE
 ESSENTIAL ELEMENT OF A VALID
CONTRACT

3. A contract is an agreement
made between two or more
parties which the law will
enforce…

4.  According to sir William Anson “ a legally
binding agreement between two or more
person by which rights are acquired by one
or more to acts or forbearances on the part
of others.

5. The law relating to contract is contained in the
Indian contract act 1872 , the act deals with
(1) the general principles of the law of
contract (secs. 1 to 75), & (2) some special
contract only (secs.124 to 238)

6. ACCORDING TO
VALIDITY
ACCORDING TO FORMATION
ACCORDING TO
PERFOMANCE

8. 1. Offer and acceptance
2. Intention to create legal relationship
3. lawful consideration
4. Capacity of parties – competency
5. free and genuine consent
6. lawful object
7. agreement not declared void
8. certainty and possibility of performance
9. legal formalities