CONTRACT A LEGAL CONCEPT

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Course Code: IBO – 04
Course Title: Export-Import Procedures & Documentation
Assignment Code: IBO-04/TMA/2019-20
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IBO – 04 Export-Import Procedures & Documentation Solved Assignment for 2019-20

Q4.) Comment on the following statements:

a.) A contract is not a legal concept.

Ans: The statement is incorrect because the Contract is a legally binding agreement that recognizes and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of the law. 

The Indian Contract Act,1872 defines the term "Contract" under its section 2(h) as " An agreement enforceable by law". In other words, we can say that a contract is anything that is an agreement and enforceable by the law of the land.

A contract is formed when both the parties agree to the terms of agreement or contract and put their signatures to it which signify the acceptance of the terms of the contract and all contractual obligations have to be met, if any condition is not adhered to then it is termed as a contravention of the act.