In India, an express contract is a legally binding agreement between two or more parties that is created through written or spoken words. This type of contract is also known as a formal contract or a documented contract. The express contract is created when the terms and conditions of the agreement are clearly stated by all parties involved.
An express contract can be entered into by individuals or entities, such as corporations or partnerships. This type of contract can be used for a variety of purposes, such as buying or selling goods and services, employment agreements, real estate transactions, or lease agreements.
In order for an express contract to be legally binding, it must meet certain requirements, such as having a clear offer and acceptance of the terms and conditions of the agreement. The parties involved must also be of legal capacity to enter into a contract, which means they must be of legal age and have the mental capacity to understand the terms and consequences of the agreement.
Express contracts can be either unilateral or bilateral. A unilateral contract is when one party promises to do something in exchange for the other party taking a specific action, such as a reward for finding a lost item. A bilateral contract is when both parties make promises to each other, such as buying and selling goods or services.
In India, express contracts are governed by the Indian Contract Act of 1872. This act provides rules and regulations for the formation and enforcement of contracts in India. It also provides remedies in case of breach of contract, such as damages, specific performance, and injunctions.
In conclusion, an express contract in India is a legally binding agreement that is created through written or spoken words. It must meet certain requirements, such as having a clear offer and acceptance of the terms and conditions of the agreement. Express contracts are governed by the Indian Contract Act of 1872 and provide remedies in case of breach of contract. As with any legal agreement, it is important to consult with a lawyer before entering into an express contract to ensure that all terms and conditions are understood and agreed upon by all parties involved.