Bba Llb Importance of Contracts Snigdha Ganguly 1st Year A
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BBA LLB 1 ST YEAR SECTION A SNIGDHA GANGULY IMPORTANCE OF CONTRACTS Introduction: A contract is an agreement between two or more parties who agree or do not agree to perform certain activities in exchange of something of value to them. Contracts come under section 2(h) of the Indian Constituiton. Essentials of a contract: 1) There should be mutual consent of both the parties
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Transcript of Bba Llb Importance of Contracts Snigdha Ganguly 1st Year A
BBA LLB
1 ST YEAR SECTION A
SNIGDHA GANGULY
IMPORTANCE OF CONTRACTS
Introduction:
A contract is an agreement between two or more parties who agree or do not agree to perform certain activities in exchange of something of value to them.
Contracts come under section 2(h) of the Indian Constituiton.
Essentials of a contract:
1) There should be mutual consent of both the parties2) The contract should be enforceable by law3) There should be a lawful consideration
IMPORTANCE OF CONTRACTS :
Contracts are an essential part when there is an agreement between two or more parties.
It serves as a proof of the transaction conducted between the people.
A contract ensures that there is a fair deal between the parties. In case any fact is not disclosed,it is deemned that the contract is void.
Example to conclude and support the importance of contracts:
Mr. Anmol is a businessman who deals in stationary. He places an order with Mr. Garg who is a manufacturer of pens. They both have an agreement according to which Mr.Garg has to send the goods within a month of time and Mr. Anmol has to make the payment.
Incase any of these both men fail to do so,the contract will be void.
