Under Section 2(h) of the Indian Contract Act, 1872, a contract is legally defined as:
Answer and explanation
Correct answer: C. An agreement enforceable by law
- Step 1: Examine Section 2, clause h of the Indian Contract Act, 1872, which provides the statutory definition of a contract.
- Step 2: The section explicitly states: "An agreement enforceable by law is a contract."
- Step 3: Thus, a valid contract consists of two fundamental pillars: an agreement (a promise or set of reciprocal promises under Section 2 clause e) and legal enforceability (meeting the essential requirements of free consent, competence, lawful consideration, and lawful object under Section 10).
Answer
An agreement enforceable by law.
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