The first celebration is usually termed as the offeror and the second party is commonly termed because the offeree. If the offeree accepts the entire offer with none negotiations or modifications, the contract comes into existence. Both the events should be in consent of making a authorized relation and stay prepared for legal penalties. Section 2 of the Contract Act defines an agreement to be a set of promises, which kind the issues of each the events. Obligation could be defined as an action or an obligation to which a person is committed morally in addition to legally.
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