Legal contracts are those agreements which are legally enforceable between two or more parties and which define what each person can or can’t do. A contract is defined under section 2(h) of Indian Contract Act,1872. It lays down the rights and responsibilities of each party once they sign a contract and the parties have to abide by those rules and regulations. Legal contracts are essential documents that protect parties when disputes arise.
It must meet the following requirements-
- No involvement in illegal act.
- Mutual acceptance.
- Consideration is must.
- Parties must be of sound mind.
- No coercion should be there.
Yes, a legal contract can be drafted online using e-stamp and e-signatures.
No, once a person enters a contract he/she cannot withdraw the contract until the obligations are fulfilled.
Persons with –
- Sound mind.
- Should not be a minor.
- Should not be disqualified by law.