Page 10 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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Chapter 3 Law of contract
Section 2(h): an agreement enforceable by law is a contract
Every promise and every set of promises, forming the
consideration of each other is known as agreement
A contract is an agreement (with specific terms) between two or
more entities in which both entities promise to do something in
return for a consideration.
Contracts may be classified as simple contract, specialty contract,
contingent contract.
Simple contract is a contract made by word of mouth or implied by
the conduct of parties. It cannot be enforced unless it is supported
by valuable consideration.
Specialty contract is a contract that must be made in writing and
