Contracts

What is the meaning of Contract? What are the types of Contracts?

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Meaning and Types of Contracts

A contract is a legally binding agreement between two or more individuals or entities, obligating them to perform or refrain from specific actions. As defined by the Supreme Court of Nepal, a contract is characterized as “an agreement of two or more parties with conditions.” In a contract, the involved parties establish their own rights … Read more

All agreements are not contracted but all Contracts are Agreements. Do you agree? Discuss the essential elements for Valid Agreement.

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all-contracts-vs-all-agreements

Not all agreements qualify as contracts. Only those agreements that are legally enforceable are considered contracts. The Contract Act governs those agreements that establish obligations, providing a legal remedy in the event of a breach by one party. Therefore, a contract comprises two essential elements: However, certain agreements lack enforceability under the law. Such agreements … Read more