“An agreement without consideration is an agreement in vain under ICA Section 25, 1872” (ii) SALMOND:-the contract is an agreement that creates definition obligations between the parties. O has agreed to purchase an S carrier on lease terms. The price should be paid over two years. There was no contract because the terms of the interest rate and the method of payment were not secure. A legally applicable type of agreement is a contract (section 2 (h) of the ICA). Applying by law means that if a person is harmed, then he can appeal to the court for remedies. For example, in the case of a fire insurance contract in which Titu intends to insure its products in the warehouse, it pays the insurance premium and promises to avoid insurance fraud, while the insurance agrees to compensate for losses in the event of a fire. In the above cases, the agreement is nullified by the aggrieved party because consent was not free. The woman complained about the allowance. The Tribunal found that this was merely an internal agreement and that the parties did not intend to form legal ties.
In the case of a social agreement, there is no intention to establish legal ties and there is no contract (Balfour/Balfour) In the case of trade agreements, the law assumes that the parties intended to form legal ties. [A purely domestic or social agreement is not a contract] The contracting parties subject to it must have a clear intention to establish a legal link between them. Agreed to pay the Rs.5 lake to B for the state-of-the-art decoration of its living room. The agreement is inconclusive because the meaning of the term “ultra-modern” is not certain. These agreements are not concluded, which are based on one of the above themes. There is no liability for non-performance of the contract and, therefore, the terms of the contract are not binding on any of the parties. Not all contracts are an agreement, but not all contracts are an answer; A contract is a legally binding agreement or relationship that exists between two or more parties to perform or refrain from committing certain acts.