Page 61 - PRINCIPLE OF LAW- FINAL (eISBN) pdf
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Politeknik Kota Bharu
2.2 BASIC PRINCIPLES
• A contract is a promise or set of promises for the breach of
which the laws give a remedy, or the performance of which the
law in some way recognizes as a duty.
• Any agreement between two parties whether orally or written
can constitute a binding legal contract.
2.3 DEFINITION OF CONTRACT
• According to contract act 1950.
• A legally enforceable agreement between two or more person.
(Contract Act 1950).
• Legally binding agreement between two or more parties.
• An agreement creating and defining the obligations between
two or more parties. – Sir John William Salmond.
• Contract may be unilateral or bilateral.
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