When we, simply, start thinking just about the word,’Contract’ firstly,it appears in our mind that it is a formally written piece of paper or document that we sign when we decide to buy a new home or the beginning of a new job or sign on any kind of document that legally bind both the party. It is needless to say that, obviously these are contracts but, according to contract law this term has a broader meaning. It is to be noted that, all the agreements are not legally binding until it fulfills some definite criteria. A contract can be formed just from the conduct of the party. For instance – when we buy a toffee from a small shop or buying anything from a slot machine. So, it becomes very obvious that, every person (who is eligible to make a contract in the eyes of contract law) is entering in various types of contracts knowingly or unknowingly every day.
No comments:
Post a Comment