Acceptance of Contract1
"Contract" as we all know, has a long history,
present, and future. From barter exchange till today, it has
evolved over time. Requirement of contract is growing as business
expands globally, and contract has become the foundation of
commercial understanding. We engage into commercial understanding
every day. For example, when we buy movie tickets or train
tickets.
In simple words, a contract is a written or oral agreement
between two or more parties in which one party gets benefits such
as goods or services and the other receives consideration for
supplying goods and services.
When Agreement becomes contract?
As per Section 2(e) of the Indian Contract Act, 1872:
"Every promise and every set of promises, forming the
consideration for each other, is an agreement". While
agreement is taking place between two or more parties by giving
promise to each other and deciding the consideration, the parties
should follow all the obligations to
