Section 505
Contract Enforceable By Law
(1) A contract concluded in
fulfillment of the following conditions shall be deemed to be a
contract enforceable by law:
(a) The consent expressed by a person to a contract to bind
himself or herself,
(b) Capacity or qualification of a person to a contract to
conclude the contract,
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(c) Certain matter for the creation of an obligation,
(d) Lawful obligation.
(2) A contract may be made in written or verbal form or
even by conduct of the parties to it.
(3) Notwithstanding anything contained in sub-section (2), if
there is a requirement that a particular contract be concluded in
fulfillment of any particular procedure or formality, such a contract
may not be enforceable unless such procedure or formality is completed.