Signing of contract means that all the parties have agreed to terms and conditions of the contract, their consent is free, hence they accept the legal obligation of the contract. The purpose of contract law is to draft comprehensive terms of agreement, parties obligation, etc. According to legal scholar Sir John William Salmond, a contract is “ an agreement creating and defining the obligations between two or more parties” For the formation of a contract the process of proposal or offer by one party and the acceptance thereof by the other is necessary. This generally involves the process of negotiation where the parties apply their minds make offer and acceptance and create a contract.
Authored by Abhay Singh, University of Lucknow.