5. CONTRACT DEFINITION :CONTRACT is a term derived from the Latin word “ CONTRACTUM ” ,which means “ DRAWN TOGETHER ” sec 2(H) of the Indian contract act 1872 defines contract as “ AN AGREEMENT ENFOCEABLE BY LAW”. Acc to Pollock: Every agreement and promise enforceable at law is a contract. Acc to salmond: Contract is an agreement creating and defining obligations between the parties. SO, a contract consists of an agreement and its enforceability by law

7. CONTRACT=AGREEMENT+ENFORCEABILITY AT LAW AGREEMENT=OFFER+ACCEPTANCE

73. Raghavendra 8-3-141 Balaji nagar khammam Rs 10,000/- only 24-10-2009 Three months after date I promise to pay to kiran kumar or to his order the sum of rupees ten thousand for value received. To Kiran kumar 13-rly qtrs Warangal Raghavendra

100. Definition of tax A charge imposed by government on the annual gains of a person, corporation, or other taxable unit derived through work, business pursuits, investments, property dealings, and other sources determined in accordance with the state law A tax levied on the annual earnings of an individual is called personal income tax. Personal Income taxes are levied by the central government. Income Tax Act, 1961 imposes tax on income other than agricultural income. Tax on agricultural income can be imposed only by State Governments