https://www.taxtmi.com/acts?id=7110 Definitions governing contract formation and enforceability: a proposal (offer) is a willingness to act or abstain to obtain assent; acceptance converts a proposal into a promise; the parties are promisor and promisee; consideration consists of acts, abstentions, or promises done at the promisor's desire; reciprocal promises and exchanged promises constitute an agreement. An unenforceable agreement is void; an enforceable agreement is a contract; an agreement enforceable only at one party's option is voidable; a contract ceases to be enforceable and becomes void when enforceability ends. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 19 Jan 2008 22:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=7110 Definitions governing contract formation and enforceability: a proposal (offer) is a willingness to act or abstain to obtain assent; acceptance converts a proposal into a promise; the parties are promisor and promisee; consideration consists of acts, abstentions, or promises done at the promisor's desire; reciprocal promises and exchanged promises constitute an agreement. An unenforceable agreement is void; an enforceable agreement is a contract; an agreement enforceable only at one party's option is voidable; a contract ceases to be enforceable and becomes void when enforceability ends. Act-Rules Indian Laws Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=7110