Thursday, March 20, 2014
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Senior Member
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Join Date: Aug 2012
Location: KPK,Pakistan
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Quote:
Originally Posted by abdulsalam88
Asalam o Alaikum.
Dear Just keep these formulas in your mind for 'Contract Act':
Proposal (Offer) + Acceptance = Promise
Promise + Consideration = Agreement
Agreement + Enforceability by Law = Contract
"An agreement enforceable by law is a contract"
"Every promise or every set of promise forming consideration for each other is an agreement"
In the light of above rules and definitions, it is extracted that, there must be a valid agreement (valid offer, valid acceptance, lawful consideration and lawful object) that can be enforceable in the court of law, is a contract.
Whereas, solely an agreement without enforceability of law, is not a valid agreement;void agreement. Hence, it cannot fulfill the requirement of the contract.
Regards
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Agreement is wide term while contract is specie of agreement hence contract is a narrow term.Contract is that agreement which is enforceable by law but on other hand agreement is a set of promises forming consideration for each other.Last but not the least contract is a legal term while agreement is not necessary to be legal it may social or political.
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