Every agreement and promise enforceable at law is a contract. A contract is an agreement creating and defining obligations between the parties. An agreement enforceable by law made between two or more persons, by which rights are acquired by one or more to acts or forbearance on the part of other or others. A contract law provides an agreement enforceable by law is a contract. Thus, a contract consists of two elements. A valid corporate law is binding and enforceable. In a valid contract, all the parties are legally bound to perform the contract. Thus, a contract law can be enforced by either of the parties. If one party refuses to perform the corporate law, the other party can enforce it through court. In order to be enforceable, an agreement must possess the essentials of a valid contract. All the agreements are contracts if they are made by the free consent of parties, competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. Where necessary, the agreement must satisfy the requirements of law regarding writing, attestation or registration. The parties to an agreement must create legal obligation. It means that if one party does not fulfill his promise, he shall be liable for breach of contract. It is presumed in commercial agreements that parties intend to create legal relations. For a valid contract, the consideration should be lawful. Consideration is the price paid by one party for the promise of the other party. An agreement is enforceable only when both the parties give and take something. That something given or taken is called consideration.
When the owner of the goods by his words or acts or mission or conduct causes the buyer to believe that the seller has ability to sell them he cannot afterwards deny the sellers authority to sell the goods. The buyer in this case gets a better title than the seller. The seller is deemed to have appropriated goods when he delivered the goods.
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