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Indian contract act 1872, introduced from 1st September, 1872 . the provision of Indian Contract Act, 1872 is applicable to whole of India . further explained in article, what is a contract , difference between agreement and contract .
What is contract [ section 2 (h) ].
contract = agreement + enforceable of law.
” An agreement enforceable by law is a contract.”
So, we have to understand , What is agreement ?
” Every promises and every set of promises forming consideration for each other is an agreement.” SECTION 2 (E) explained about agreement .
FURTHER , we can understand difference between agreement and contract-
BASIS | AGREEMENT | CONTRACT |
MEANING | every promise and every set of promises, forming consideration for each other. | agreement enforceable by law . agreement + enforceable by law . |
SCOPE | moreover, it is a wider term including legal and social agreement | it is used in a narrow sense with the specification . |
NATURE | All agreement are not contracts. | All contracts are agreements. |
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