Lecture on The Law of Contract 05

Law of Contract

How an offer is convened to a contract

Offer: Offer is the first step of a contract. To create an offer there must be a proposal and a person. For this, an offer has two elements

1. proposal
2. One person

Promise: Promise is the second step of a contract. When an offer is accepted by the person to whom the offer is made it created a promise has following

1. Proposal
2. Two or more person
3. Acceptation of the proposal

When an offer is not accepted by the person to whom the offer is made, it well not is a promise and May not made a contract.

Agreement: An Agreement is the third step of a contract. An agreement when a promise is made with is an agreement. According to section 2(e) of the contract Act 1872, every promise and ever set of promise forming the consideration for each other is an agreement has following element

1. Proposal
2. Two or more person
3. Acceptation of the proposal
4.  consideration

Contract: An agreement enforceable by law is a contract. Only such agreement are converted to a contract which is enforceable by law following are the element of a contract

1.   Proposal
2. Two or more person
3. Acceptation of the proposal
4. Consideration
5. Enforceable by law

More Lecture:

1. Lecture on The Law of Contract 01
2. Lecture on The Law of Contract 02
3. Lecture on The Law of Contract 03
4. Lecture on The Law of Contract 04
5. Lecture on The Law of Contract 05
6. Lecture on The Law of Contract 06
7. Lecture on The Law of Contract 07
8. Lecture on The Law of contract 08
9. Lecture on The Law of Contract 09