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Section 505
Contract to be executed according to law

(1) A contract concluded by fulfilling the following conditions shall be deemed to be enforceable in accordance with the law:-
(a) consent expressed by the contracting party to bind himself,
(b) the capacity or competence of the contracting party to enter into the contract,
(c) Certain matters creating liability,
(d) Statutory Obligations.
(2) The contract may be in writing or verbally or by the conduct of the persons making the contract.
(3) Notwithstanding anything written in sub-section (2), since there is a provision that a contract must be made only after completing a specific procedure or formality, such contract cannot be executed until such procedure or formality is completed.