Saksham Srivastav, Kirit P. Mehta School of Law, NMIMS Mumbai
Introduction
A contract is an agreement between two or more parties that regulates and acknowledges their respective rights. It has been described as "a legally binding agreement." A genuine contract needs both offer and acceptance. For an offer to be legitimate, the proposer must intend to convey it or do something that has the effect of expressing it. The offer may be explicit or implicit, but it must be specific and include specific terms and conditions. It must be done with the aim of establishing legal ties. Acceptance is defined as "the proposition is said to be accepted when the individual to whom the proposal is presented indicates his agreement thereto." When a proposal is accepted, it transforms into a promise.” The term "person" is used in this definition, as defined under the General Clauses Act of 1963 and the Indian Penal Code. The offeree is not obligated to accept it. He may reject it or slip as a result of his refusal. The paper would be focusing on talking about the components of a valid contract.
