definition of arrangement under indian contract act
The Indian Contract Act, 1872 ( Act ) governs the law of contracts in India and is predominantly based on English common law. The Act defines the term contract as an agreement enforceable by law 2.In other words, it is a legally enforceable and binding agreement, which is voluntarily entered into between two or more competent parties, for consideration and with mutual obligations.n other words, any breach of the terms and conditions of the contract by either party (. Defaulting Party ), entitles the other party (. Non-Defaulting Party ) to claim for damages and / or other remedies from the Defaulting Party. The term  damages  is not defined under the Act.