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What is contract?

What is contract?
The contract is an agreement between the owner and the contractor as to how much the owner will pay to house that contractor to build the project.
Introduction
An engineering contract is a formal agreement enforceable at low between parties. There by each accept certain responsibilities and receive certain benefits.
Failure in any way to carry out the responsibility so undertaken usually involves some form of section and it is therefore necessary `that all people concern in executive a contract are fully aware of just the exact responsibilities of the proxies to the contract are and the precise implementation and failure to full fill then
The liabilities for branch of contract con be heavy easily exceeding the valve of the contract itself if proper safeguards are not taken those responsible for implementing a contract must there fore alias be on guard

Essential elements of a contract
In addition to the agreement erodent by offer and acceptant these are a number of other essential elemi tents of a contract the main requirements are
1. An in tent ion by the party to create a legal relationship bet wean them.
2. A true consent of the party
3. Legal capacity of the parties tee enter a contract
4. Legality of the a objectives of the contract
5. Valuable consideration passing between parties
6. Pigment of requisite of stamp dry.