Showing posts with label Indian Contract Act.. Show all posts
Showing posts with label Indian Contract Act.. Show all posts

24/11/2011

Things should be known before signing of an agreement.

Agreement means" Every promise or every set of promises, forming consideration for each other" A promise means " when the person to whom the proposal is made, signifies his assent thereto , the proposal is said to be accepted. Therefore, for all agreements, there must be a proposal and an acceptance of that proposal. But mare acceptance of a proposal by a person not make agreement but the person who is accepting the proposal must be legally capable to accept that proposal otherwise that accepted agreement is void  ab initio.

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