A Contract is an agreement
enforceable by law. An agreement is every promise and every set of promises
forming the consideration for each other [Section 2 (e)]
Section 2 (b) defines a
promise a follow: “A proposal, when accepted, become a proposal.” It means an
agreement is an accepted proposal.
Therefore, these must be
proposal or offer by one party and its acceptance by the other party for making
an agreement.
A
offer to sell his Matiz car to Mr. B for Rs. 3 lakhs. B accepts the offer. It will
result into a contract.
So,
offer and its acceptance subsequently is the universally accepted process for
creating a contract whether it is express or implied.
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