Oct 13, 2015
MERCANTILE LAW: NOTES - Contract Act
MERCANTILE LAW: NOTES – Contract Act
Definition of Contract: Contract is defined by Sec. 2(h) as, “An agreement enforceable at law is a contract.” Thus Contract is composed of: An agreement, and That agreement must be enforceable at law Contract = Agreement + Enforceability Agreement: Agreement is defined by Sec. 2(e) as, “Every promise or every set of promises forming the consideration for each other.” Thus, every contract is an…
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