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To begin with, the contract must actually be brought into lawful and legal existence. These begin with mutual, communicated assent to the terms of the purported contract, and an exchange constituting consideration or some kind of legally-acceptable substitute for consideration. A finding of a legal existence of a contract can cause potential liabilities to attach, otherwise the transaction may only amount to an exchange of unenforceable promises.
What else can I help you with?
How must a sealed contract be executed?
Contract must be properly signed and witnessed as to make it enforceable to all parties
Does an executed contract have two meanings?
"Executed contract" can have two meanings.It can mean a contract has been properly signed and witnessed so as to make it enforceable by both parties.It can mean that all the terms of a contract have been carried out.
When entering in international contract can agreeing parties choose Islamic law as choice of applicable law even though they are not from Islamic country or in any way connected to Islam?
A:To be a contract in the legal sense, the contract must be enforceable, otherwise it is just a gentleman's agreement. To be enforceable, there must be a jurisdiction that has the power to enforce the contract. If neither party is from an Islamic country and neither party is a Muslim, that could be difficult. It may be possible to create the contract under the law of, say, Saudi Arabia provided that conditions are met which make the contract enforceable in Saudi Arabia.
What is illegal or unlawful contract?
It is a contract to committ an illegal or immoral act. It is not enforceable in Contract Law. For example you couldn't enforce payment of rent if you let a flat for the of prostitution or consumption of illegal drugs. An otherwise lawful contract can be tainted with illegality, for example a contact of employment wasn't enforceable where the parties had agreed to payment in a way that avoided liability for tax. Although this is not as strictly applied as it once was, especially if the inequality of power would make it unfair not to enforce the contract.
Can gratuitous promise be enforceable?
A gratuitous promise, also known as a promise made without receiving anything in return, is generally not legally enforceable because it lacks consideration, a key element in forming a contract. However, there are certain exceptions where a gratuitous promise may be enforceable, such as if it is made under seal or if there is a clear intention to create legal relations.
Does the promise to do favor create a binding contract?
Depends. If the favor is to give money to charity, common law said yes, and that's one of the few such enforceable promises to make a gift. Otherwise, generally no but facts can vary and if there's any kind of consideration for the promise, it might be enforceable.
How do you make a asserment about valid contract?
To make an assertion about a valid contract, you must demonstrate that it meets the essential elements: mutual consent (offer and acceptance), consideration (something of value exchanged), legal capacity (parties must be competent), and a lawful purpose. Additionally, the contract should be clear and specific in its terms. If these criteria are satisfied, one can confidently assert that the contract is valid and enforceable.
A contract is an agreement enforceable by law explain?
When 2 or more people make a contract they are agreeing to give each other something for something eg I pay you $1.oo for that tree. If you give me the tree and I do not give you the money we agreed upon that is a breach of contract. By law a judge is going to make me give you the money if there is proof of contract. A contract can be written on a napkin. There must be some kind of writing. In some cases witnesses can serve as proof. Hope this helps. i dont think so it is important to have something written when you are in contract. some times signed contracts are also not enforceable if we dnt have legal intention at the time of signing contract. can some body clear this point to me please?
If a person agrees to buy a house from another person and they shake hands can the court make them pay if there was a witness?
No. Under the laws of the US, unless the contract or agreement was on paper and signed, it is not enforceable.
What are the essential ingredients of a legally enforceable contract?
To make a contract as per Indian Contracts Act, the following are the essential ingredients a. Proposal whether oral or written b. The person who makes an proposal c. Knowledge of the proposal d. free consent for Acceptance / revocation of the proposal e. consideration f. The person who accept / revoke the proposal
Are both signatures needed to sign a tenancy agreement?
Yes. A lease is a contract and to make it enforceable by either party both must sign.
What are the disadvantages of verbal contracts?
Lack of proof that would make them enforceable.Lack of proof that would make them enforceable.Lack of proof that would make them enforceable.Lack of proof that would make them enforceable.
