**Nature of Contract**

1. What is a contract?
- A contract is a legally binding agreement between two or more parties that creates enforceable rights and obligations.
- It can be oral or written, but certain types of contracts must be in writing to be enforceable.

2. What are the essential elements of a contract?
- Offer: A proposal made by one party to another, indicating a willingness to enter into a contract.
- Acceptance: The agreement of the offeree to the terms and conditions of the offer.
- Consideration: Something of value exchanged between the parties, such as money, goods, or services.
- Intention to create legal relations: The parties must intend to be legally bound by the contract.
- Capacity: The parties must have the legal capacity to enter into a contract.
- Free consent: The consent of the parties must be freely given without any undue influence, fraud, or misrepresentation.
- Lawful object: The object or purpose of the contract must be lawful and not against public policy.

3. What are the different types of contracts?
- Express contract: The terms of the contract are explicitly stated either orally or in writing.
- Implied contract: The contract is inferred from the conduct of the parties or the circumstances of the case.
- Void contract: A contract that is not enforceable from its inception.
- Voidable contract: A contract that can be either affirmed or rejected by one of the parties.
- Unenforceable contract: A valid contract that cannot be enforced due to some legal technicality.

**Indian Contract Act - 1872**

1. What is the Indian Contract Act, 1872?
- The Indian Contract Act is a statute that governs the principles and rules relating to contracts in India.
- It defines and regulates the rights and obligations of parties to a contract.

2. What are the key provisions of the Indian Contract Act?
- Formation of a contract: It provides guidelines on how contracts are formed, including offer and acceptance.
- Performance and discharge of a contract: It outlines the obligations of the parties and the ways in which a contract can be discharged.
- Breach of contract: It deals with the consequences of a breach of contract and the remedies available to the aggrieved party.
- Contingent contracts: It covers contracts that are dependent on the occurrence or non-occurrence of a specific event.
- Quasi-contracts: It recognizes certain obligations that resemble contracts, even though they are not legally enforceable contracts.

**Mercantile Law**

1. What is mercantile law?
- Mercantile law, also known as commercial law, deals with the legal aspects of business and trade.
- It governs the rights and obligations of individuals and entities engaged in commercial transactions.

2. What are the key areas covered by mercantile law?
- Contract law: It provides the legal framework for entering into and enforcing contracts in commercial transactions.
- Sale of goods: It regulates the sale and purchase of goods, including the rights and obligations of buyers and sellers.
- Negotiable instruments: It governs instruments such as promissory notes, bills of exchange, and cheques.
- Partnership: It deals with the formation, operation, and dissolution of partnerships.
- Company law: It regulates the formation, management, and winding up of

Nature of contract is very important chapter so i suggest you to read whole chapter