When it comes to legal agreements, it is crucial to understand the terms that define them. One such term is a contract, which refers to an agreement that is enforceable by law. The definition of a contract is defined under section 2(h) of the Indian Contract Act, 1872, which states that a contract is “an agreement enforceable by law.”

The enforceability of a contract is what sets it apart from other types of agreements. When two or more parties enter into a contract, they are legally bound to fulfill their obligations as outlined in the agreement. If one party fails to meet their obligations, the other party can seek legal recourse to enforce the terms of the contract.

The elements of a contract include an offer, acceptance, consideration, and an intention to create legal relations. An offer refers to a proposal made by one party to another, outlining the terms of the agreement. Acceptance refers to the agreement of the other party to the terms of the offer, creating a mutual understanding of the agreement.

Consideration is an essential element of a contract as it refers to something of value exchanged between the parties. It can be in the form of a payment, goods, or services rendered. The intention to create legal relations refers to the parties` intention to be legally bound by the terms of the contract.

An agreement that does not contain these elements may not be considered a contract and may not be legally enforceable. For example, a promise made by a friend to pay back a loan is not a contract as there is no consideration exchanged or intention to create legal relations.

In conclusion, understanding the definition of a contract is essential when entering into any agreement. A contract is an agreement enforceable by law that requires an offer, acceptance, consideration, and intention to create legal relations. It is important to ensure that all elements are present in a contract to ensure its enforceability.