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...Subject business regulatory framework b com iii sem v mcq department commerce prepared by dr a waghmare hod c s shri n k apte asst prof r gotpagar assit the indian contract act came into force on th september st october d answer applies to whole of india excluding jammu kashmir including states notified central government from time none above an agreement consists reciprocal promises between at least four parties six three two every promise and set forming consideration for each other is offer acceptance defined as enforceable law vide section e f h i valid contracts are made free consent competent have lawful object all creates rights obligations it mutual understanding in agreements purely domestic nature intention create legal relationship be proved satisfaction court presumed exist required extent not relevant forbidden illegal voidable unenforceable makes with beat his competitor this example which following statement incorrect proposal when accepted becomes words written express ...