A contract is an agreement between two or more parties, to perform a specified task or
not to do so by one or more parties for the other party or parties under specific terms and
conditions, and in return the first party or parties are receiving a benefit as a
consideration. Contracts are incorporated with numerous day to day activities all over the
world. In particular commercial and business transactions are mostly dealt through
contracts. All these contracts consisted of the core elements of ‘offer’ and ‘acceptance’.

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