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Good morning everyone and welcome to the third lecture on contract law.

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Today we will look at three things: first, what makes a contract valid; second,

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what happens when one party does not pay on time; and third, how courts decide on

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damages.

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Let us begin with the first question.

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A contract needs an offer, an acceptance, and something of value exchanged between

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the parties.

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अब हम दूसरे सवाल पर आते हैं। अगर किराएदार समय पर किराया नहीं देता है तो मकान मालिक

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को पहले लिखित नोटिस देना होगा। नोटिस में बकाया राशि और भुगतान की आखिरी तारीख साफ

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लिखी होनी चाहिए।

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Thank you, let us take a short break and continue with damages in 10 minutes.