Detail Analysis Of The Frustration Of Contract In India

Anusuya Roy Chowdhury, BA LLB, Symbiosis Law School, Nagpur

INTRODUCTION:

When a person signifies to another his willingness to do or not do something, with a view of obtaining his assent to such act or abstinence, the person is said to do a proposal to the other person. When the proposal is accepted by the person to whom the proposal is made then it is said to be acceptance. When the proposal is accepted it will become a promise. This promise must be backed by consideration and it forms an agreement which is enforceable by law. Then, it will become a contract. Thus, an agreement when enforceable by law is called a contract.

The essentials of a contract are:

1. Proposal

2. Acceptance

3. Promise

4. Consideration

5. Agreement enforceable by law

A contract can be entered when it is made by free consent of both the parties, when both the parties are competent i.e. the person must be major and must be sound minded, there must be a lawful consideration with a lawful object and it must not hereby declared to be void.