What Agreements are Contracts?
According to the provisions of Section 10 of the Indian Contract Act, 1872, an Agreement must satisfy the following conditions to be a valid contract:
- The parties in a contract must be Competent.
- The contract must be made by the Free Consent of the parties to the contract.
- The contract must be made for a Lawful Consideration, and there should be a Lawful Object.
- The contract should not have been expressly declared as a Void Contract.