Business regulatory framework page 8 school of distance education for example a threatens to kill b if he does not give him a loan of rs 50000 for 25 years b gives the loan this is a voidable contract as consent of b is obtained by coercion. Business regulatory framework sale of goods act 1930 formation of contracts of sale goods and their classification price conditions and warranties transfer of property in goods performance of the contract of sales unpaid seller and his rights. Business regulatory framework lesson 1 lesson 1 law of contract indian contract act 1872 the law relating to contracts is to be found in the indian contract act 1872 it deals with the general principles of contract and also certain types of special contracts. Business regulatory frame work page 6 1 agreement there must be an agreement between the parties of a contract it involves a valid offer by one party and a valid acceptance by the other party agreement is created by offer and acceptance therefore an agreement is offer acceptance it is only by an