Indian Contract Act, 1872

Meaning and Definition of Contract  :- According to Section 2(h) of Indian Contract Act, “An agreement enforceable by law is a contract”. Section 2(e) defines an agreement as, “Every promise and every set of promises, forming the consideration for each other is an agreement”. Section 2(b) defines a promise as, “When the person to whom the proposal is made, signifies his assent thereto, the proposal is said to be accepted. A proposal when accepted becomes a promise."