. a valid contract between two parties. A valid contract may be concluded orally and/or in writing. The contract is concluded if an undertaking, acceptance and consideration have been given with regard to the contractual conditions. An infringement may occur if one of the parties does not comply with the terms of the contract. In this case, corrective measures may be granted to the non-injurious party to recover loss or damage. “The law provides some relief for aggrieved parties who suffer losses due to another party`s infringement. These discharge mechanisms are in short called remedies. In many contracts, the appeal is the reimbursement of the money awarded by the court to the non-injuring party. It is simply a legal mechanism to compel the injuring party to compensate the innocent party for losses related to the offence” (Melvin, 2011.
p. 171). The scenario between Big Time Toymaker (BTT) and Chou is that the two parties reach an agreement to distribute a new game called STRAT, invented by Chou. Chou has entered into an agreement with BTT for a 90-day trial period with exclusive trading rights. This agreement was confirmed with a consideration of $25,000.00. Shortly before the end of the 90 days, the parties reached an oral agreement in a conversation. However, there has never been a formally written contract, concluded by signatures. Before Chou could get a draft written on the terms of the deal, he… I now turn to another point, known as the subject of the agreement, should be legitimate and the reflection that is being made should also be legal. There are two things, the object of the treaty should be legal and the consideration given to achieve the objective should also be legal. First of all, I will repeat what we mean by reflection. The law says that something in exchange, like when you go to the market to buy 1 kg of sugar, you will give 35 rupees to the trader and the trader will give you 1 kg of sugar.
. Sent on 12/23/13 BRIEF DISCUSSION OF THE CONTRACT ACT- 1872 In accordance with section 2(h) of the Indian Contact Act, 1872, “A contract is a legally enforceable agreement”. A contract is therefore an agreement whose purpose is to create a legal obligation, that is, an obligation enforceable by law. It follows from the above definition that a contract essentially consists of two elements: (1) an agreement and (2) an obligation enforceable by law. According to Section 2, “Any promise and series of promises that constitute the mutual quid pro quo is an agreement.” It is therefore clear from this definition that a “promise” is an agreement. Section 2(b) states that “if the person to whom the proposal is submitted declares his agreement, the proposal shall be qualified as accepted. A proposal, if adopted, becomes a promise. An agreement is therefore only concluded when one party makes a proposal or offer to the other party and that other party gives its agreement (i.e. its agreement). In short, an agreement is the sum of “offer” and “acceptance”. Example: A promises B to sell his horse for Rs. 10,000 / -.