This question pertains to India. But under the Law of Contract, the law in India is framed as per the ENGLISH LAW .
Therefore you can adopt the principals of English Law to respond to this question.
The only document exchanged was the receipt. Please also note that that there was a an ad placed in the newspaper inviting any objections, to the sale of land.
The party claims that the receipt is deemed to substitute the contract as there is an offer an acceptance and consideration price agreed.
Please also advise does the term check subject to encashment holds any legal implication.
I believe you misinterpreted the question wrongly. The question is whether the receipt can be treated as a contract being signed by both parties.
The English law is very clear and says that the court must interpret the document based on what is written and the underlying intention of the parties.
you did not respond to the term encashment
Please also advise what does the term encashment of the check mean ie does it imply realization???If yes please advise the argument for the same and if possible as supported by legal precedents/cases.