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Business Regulatory Framework by Purnakam Dash

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1

Nature and Kinds of Contract

CHAPTER OBJECTIVES

After carefully reading this chapter, you will be able:

  • To understand the meaning of a contract.
  • To get a clear idea about the essential elements of a contract.
  • To know, how all contracts are agreements but all agreements are not contracts.
  • To identify the various types of contracts.
INTRODUCTION

In our daily life, we very often enter into contracts, either knowingly or unknowingly. When we go to the market to buy vegetables, we enter into contracts with the vendors. It is the same when we board a train to be a passenger or enter a cinema hall after buying a ticket. When we perform these activities in our ordinary course of life, we do not realise that we are entering into contracts. The ...

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