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  What is a contract ?
When a person signifies to another person his willingness to do or to abstain from doing, anything with a view to obtaining the assent of the other to such an act or abstinence, he is said to make a proposal or offer. When the person to whom this proposal is made signifies his assent thereto then the proposal is said to be accepted. An accepted proposal becomes a promise. The main criteria to be considered for the enforcement by law of a promise is:
a) the consent of the parties competent to contract
b) freedom of the parties involved to contract
c) lawfulness of the consideration
d) lawfulness of the object or the legal subject matter
e) no criminal cases or records against the parties to contract
f) Competence of the parties involved to contract
Conformation to all the above aspects is a must while entering into a contract since it has a legal binding on both the parties involved to contract.
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Contract Management is the brain behind Project Management and hence the project team should be well conversant with the contract jargon. Contract is a legal document. It is an agreement, between two or more parties, and enforceable by law.
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