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Legal Contract

Legal Contract

Legal Contract

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.

FAQ

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 –

  1. Sound mind.
  2. Should not be a minor.
  3. Should not be disqualified by law.