VENKATACHALAM M (Senior Lecturer) 15 June 2013

Contract law

Sir,

Can each withdrawal from a bank account be termed a 'contract'. I believe 'Opening an account' is a contract, and every subsequent deposit or withdrawal is NOT a contract. Something similar to letting out a property on rent is a contract, but each and every payment of monthly rent is NOT a contract. Or a service contract where each payment of salary/wages is not a separate contract. Kindly enlighten me.

Regards,

Venkatachalam

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2 Replies

(Guest)

@Querist,

Withdrawl and deposits,or all other such services come under services specified within the terms and conditions of the agreement which in this case is the account opening procedure with the bank.Once account is opened,agreement becomes operative.

further(if need so arises)

Note-This reply should be taken as per the declaration given in my profile page.

Thanks,

Regards,

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Advocate Bhartesh goyal (advocate) 15 June 2013

Each withdrawl or deposit in bank is a part of contrct until the account is closed similarly payment of rent for every month is also a part of contract till it's termination and payment of wages of service also comes under the purview of contract.

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