What is contract law and Elements of contract

contract Law

Contract Law: An agreement enforceable by law is a contract. A contract may between two or more persons or parties. In contract definition there or two main elements.

contract Law

  • What is an agreement…?
  • How the agreement becomes enforceable…?

Important Elements of the contract

Important elements of the contract are as follows.

  • Proposal/ Offer
  • Acceptance
  • Promise
  • Consideration
  • Agreement

Proposal/Offer

A proposal is an offer to a person to do an act for a person. A proposal may be written or spoken.

Acceptance

When a person accepts a proposal it is called acceptance. For example, A gives a proposal to B to purchase his care for $10000. B accepts the proposal of A and agrees to purchase his car for $10000.

Promise

Acceptance of an offer is a promise. For example, a proposal sent by A and Accepted by B no is called a promise. Proposal+ Acceptance= Promise. The person who sends the proposal is called the promiser and who accepts the proposal is called promise.