A contract is an agreement between two or more persons to do or not to do some particular thing, such agreement being enforceable at law. According to section 2 (h) 1872 contract act, It is an agreement enforceable by lawTherefore, is an agreement the object of which is to create an obligation. In other words, It is a combination of two ideas- Agreement and obligation.Contract = Agreement + ObligationAn agreement creating and defining obligation between the parties SALMOND“An … [Read more...] about Essentials of Valid Contract