A contract is a agreement between two or more people
That is enforceable by law.
For example, if Ram agrees to sell his bike to Reema for ₹50,000 and Reema agrees to buy it, this becomes a contract. between two of them
Essential Elements of a Contract
- Agreement between parties
- Legal obligation
- Free consent
- Lawful consideration
Example of Contract
If you order food online and pay money, it becomes a contract between you and the company.
to deliver the food which is prescribed by them in their app
Conclusion
In simple words, a contract is a legally binding promise between two or more people.
wo are likely to enter with each other in any transection