Contract Law
A Contract Law is a legally binding agreement between two or more people/parties, where each party agrees to fulfill certain obligations in exchange for something in return for the other person’s promise. For a contract to be valid, it usually needs an offer, acceptance, intention to create legal relations, and consideration.
There are a few examples of Contracts in daily life:-
- If you rent an apartment, you typically sign a lease agreement with the landlord. The landlord agrees to provide you a place to line, and you agree to pay rent each month. The lease contract includes details like the length of the lease, the rental amount and any rules or obligations both parties must follow.
- When you buy a cup of coffee at a cafe, it is a simple contract. The cafe offers to sell you coffee, then you pay the store or cashier some amount of money in return for the coffee they serve you.
- When you sign up for a streaming serving like Spotify or Netflix, you agree to pay a subscription fee in exchange for their media library. This contract outlines the monthly payment amount.
- When you book a cab(Ola,Uber) then it will considered as a contract because you are hiring a person who will drive you and reach your destination and in return you will pay the amount for their service.
- When you accept a job, it is a part of employment contract. The company agrees to pay you a certain salary, and you agree to work for them and fulfill your job responsibilities.
In each of these cases, there is an exchange of promises or commitments that forms the basis of a contract.
Written By: – Rajat Ranjan
