CONTRACTS AND FORM OF CONTRACT Clause Samples

CONTRACTS AND FORM OF CONTRACT. When two or more persons have a common intention communicated to each other to create some obligation between them, there is said to be an agreement. An agreement which is enforceable by law is a “Contract”. According to section 10 of the Indian Contract Act, 1872 only those agreements are enforceable by law which are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object and are not expressly declared to be void. This is subject to any special law according to which contract should be in writing and attested by witnesses. The following are the essential ingredients of a contract: a. Offer made by one person called the “Promisor”. b. Acceptance of offer made by the other person called the “Promisee”. c. Doing of an act or abstinence from doing a particular act by promisor for promise a called consideration. d. The offer and acceptance would relate to the something which is not prohibited by law. e. Offer and the acceptance constitute an agreement, which, when enforceable by law, become a contract. f. In order to make a valid and binding agreement, the party entering into such an agreement should be competent to make such agreement. For the purpose of an agreement, there mush be a communication of intention between the parties thereto. Hence in the forms of a Contract there is: a. A proposal b. Communication of the proposal c. A communication of the acceptance of the proposal ▇▇▇.▇▇▇▇▇▇.▇▇ A contract is an agreement enforceable by law. It may be noted that the works ‘agreement’ and ‘contract’ are very often used as synonyms, but in fact they are not. All contracts are agreements but all agreements are not necessarily contracts; agreements not enforceable by law are not contracts. To be legally enforceable, the agreements must satisfy two things, viz, intention to be bound and consideration. However, according to the Indian contract ▇▇▇ ▇▇▇▇, an agreement is a contract if ‘it is made by the free consent of parties competent to contract, for lawful consideration and with a lawful object, and is not expressly declared to be void. The contract must be definite and its purpose should be to create a legal relationship. A contract creates an obligation i.e. a duly cast upon a person by law. When the parties to a contract exchange promises, it gives rise to a contractual obligation.
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Related to CONTRACTS AND FORM OF CONTRACT

  • Form of Contract The form of contract for this solicitation shall be the Request for Proposal, the awarded proposal(s) and best and final offer(s), and properly issued and reviewed purchase orders referencing the requirements of the Request for Proposals. If a vendor submitting an offer requires TIPS and/or TIPS Member to sign an additional agreement, a copy of the proposed agreement must be included with the proposal. Vendor contract documents: TIPS will review proposed vendor contract documents. Vendor’s contract document shall not become part of TIPS’s contract with vendor unless and until an authorized representative of TIPS reviews and approves it.

  • Terms of contract The execution of the contract must be performed within the framework of sheltered employment programmes: No

  • Assignment of Contracts and Rights (a) Nothing in this Agreement shall be construed as an attempt to assign, and Buyer shall not assume any Liabilities with respect to, any Contract or Permit constituting a Transferred Asset, or any other Transferred Asset, that by Law is nonassignable, or that by its terms is nonassignable without the Consent of the other party or parties thereto to the extent such party or parties assert in writing that such assignment is a breach of such Contract or Permit, or as to which all the remedies for the enforcement thereof enjoyed by Seller would not, as a matter of law, pass to Buyer as an incident of the assignments provided for by this Agreement. With respect to any Contract, Permit or other Transferred Asset of the type described in the preceding sentence, and any claim, right or benefit arising thereunder or resulting therefrom, promptly after the date of this Agreement, to the extent required by the terms of the Contract, Permit or other Transferred Asset, Seller shall, at its sole cost and expense, obtain the written Consent of the other parties to any such Contract, Permit or other Transferred Asset for the assignment thereof to Buyer in form and substance satisfactory to Buyer. (b) If such Consent is not obtained with respect to any such Contract, Permit or other Transferred Asset prior to the Closing, in addition to any other remedy available to Buyer at law or in equity, at Seller’s expense, Seller shall, from and after the Closing take all actions and do or cause to be done all such things as shall in the reasonable judgment of Buyer or its counsel be necessary: (i) to ensure that the claims, rights and benefits with respect to such Contract, Permit or other Transferred Asset are preserved for Buyer or for the benefit of Buyer (including by entering into a subcontracting or subleasing arrangement with Buyer, if permitted); and (ii) to facilitate receipt of, and promptly pay to, Buyer all monies received by Seller under any such Contract, Permit or other Transferred Asset or any claim, right or benefit arising thereunder not transferred to Buyer pursuant to this Section 2.5.

  • Attachment C, Standard State Provisions for Contracts and Grants Attachment C is hereby deleted in its entirety and replaced by the Attachment C December 15, 2017 attached to this Amendment. Child Support (Applicable to natural persons only; not applicable to corporations, partnerships or LLCs). Contractor is under no obligation to pay child support or is in good standing with respect to or in full compliance with a plan to pay any and all child support payable under a support order as of the date of this amendment.

  • List of Contracts The information set forth in the List of Contracts is true, complete and correct in all material respects as of the Cutoff Date.