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,

(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 the 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.