The Indian Treaty Act of 1872 is not a complete code called all … According to the Indian Contract Act 1872, the above statement is correct. In accordance with point 2 (h) for Contract 2, elements are essential. The law recognizes that legally binding contracts can be written, oral or a mixture of the two. However, for commercial reasons, written contracts are generally preferred for the following reasons: `Conditions` must be seen in writing for all ` You can ensure that the description of contractual terms uses a specific language ` there is therefore less opportunity for misunderstandings and conflicting assumptions ` It is less necessary to rely on reminders of what was originally agreed For the validity of section 10 of the contract , the following essential elements must be answered between two or more persons who create rights and obligations between them and who are legally applicable. Pollock defines the contract as any agreement and promise enforceable under the law is the contract. For example, if a person buys a car that is just 3-4 years old and the owner lied about the year the car was made and thus commits fraud. Now, according to the Indian Contract Act, the 1872 fraud rendered a contract cancelled. Therefore, the buyer is free to buy the car or not while the seller is bound by his commitment. This statement is made by Anson, which stresses that there will be no contract without an agreement, so the existence of a contract means the existence of an agreement.
Each contract involves an agreement, so each contract is an agreement. Mr. Anson believes that not all agreements are contract-related, as a contract requires compliance with certain legal conditions, the agreements that meet these conditions are contracts; and agreements that do not meet the conditions are not contractual. That is how it was said that not all agreements are contracts. Each organization depends on all types of contracts, with customers and distributors, with sellers of goods and services, with owners, with employees, banks, lenders and more. While oral agreements can be used in many relationships, there are many business situations in which executives and business owners must use a written contract, not only to ensure that the parties understand their obligations transparently, but also to have a binding contract. A written contract helps business relationships with a contract is a legitimate agreement. In other words, a legally applicable agreement is a contract. In the event that both parties to an agreement find themselves in an error of fact that is essential to the agreement [section 20]; For example, a merchant agrees to buy stolen goods. The thief has no recourse because the agreement to purchase the goods was non-asstreig, because he helped a thief to obtain the benefit or his crime. In accordance with Section 2, any promise and combination of promises that make the counterpart to each other is an agreement.
The definition clearly shows that an agreement is promising. Section 2 defines the promise to mean that when a person is made with the proposal, he or she agrees, which means that the proposal will be adopted. A proposal, if passed, becomes a promise. We can say that an agreement is a proposal adopted. The definition process shows that a treaty is an agreement, an agreement is a promise and a promise is an accepted proposal. An agreement is therefore only reached if one party makes a proposal or an offer to the other and the other agrees. In short, any agreement is the result of a proposal on the one hand and its acceptance on the other. An agreement should be reached if an offer that can be accepted immediately is satisfied by a « mirror » acceptance (i.e. full acceptance).
 The parties must have the necessary contractual capacity and the contract must not be negligible, indeterminate, impossible or illegal. Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda (generally translated AS ACCORDS TO BE KEPT, but literally « pacts must be respected »).  Breaking the contract