Definition of Contract
When two or more persons have a common intention communicated to each other to create some obligation between them, there is said to be an agreement. " An agreement" which is enforceable by law is a contract. According to section 10 of the Indian Contract act 1972, only those agreements are enforceable by law which are made by the free consent of the parties, competent to contract for a lawful consideration and with a lawful object and are not expressly declared to be void. The contract should be in writing and attested by witnesses.
Type of Contracts ·
– Works contracts ·
– Stores contracts ·
– Consultancy contracts ·
–Revenue/ service licences ·
–Contract : legally enforceable agreement. ·
–Licence : official or legal permission to do or own anything.
