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What is a contract and how does it function as a legally enforceable agreement between two or more parties?
A contract is a legally binding agreement between two or more parties. It outlines the terms and conditions of their agreement and can be enforced by law if one party fails to fulfill their obligations. This means that if one party breaches the contract, the other party can take legal action to seek compensation or enforce the terms of the agreement.
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What is a business contract?
A contract is a legally enforceable agreement between two or more persons. A business contract might just be a contract entered into between businesses or for business purposes.
What is an agreement between two or more parties that is enforceable in court?
Contract. There are two forms of enforceable actions in court under this question: 1) A Written Contract - signed by all parties, and any amendments to the contract 2) A verbal agreement, where it can be shown there was some form of agreement between he parties, and that one or more parties took action to fulfill the terms of the agreement (action to fulfill the terms constitutes a binding contract)
How does a contract differ from an agreement?
An agreement is any arrangement that is agreed upon by two or more parties. A contract, on the other hand, is a legal and formal agreement between two or more entities which is enforceable by law.
What do you mean by contract to sell?
The contract to sell refers a binding legal agreement between the buyer and sell about the sale of something. The contract to sell is usually enforceable by law.
Which test would you apply to ascertain whether an agreement is contract?
A valid contract is legally enforceable and defined by law. A test that you would apply to ascertain whether an agreement is a contract would be looking at the benefits and duties between the parties of the agreement.
Difference between void agreement and void contract?
1. An agreement which is not enforceable by law by either of the parties is void agreement .Whereas, an agreement which was legally enforceable when entered into but which has become void due to supervening impossibility of performance. 2.For example:All domestic and social agreements can never create any legal rights and obligations. Also, an agreement without consideration or with minor is void agreement. A contract b/w a citizen of Pakistan and India is valid contract during peace but if war breaks out b/w both, the agreement will become void contract.
What is the important difference between a mere agreement and a contract?
A contract is an agreement between parties that is legally enforceable. A simple "agreement" is an arrangement between the parties which may or may not contain the necessary elements to be enforceable before a court of law. In Simple Words: A Contract is enforceable by law while an Agreement is not enforceable by law. A valid contract must contain the ten valid elements which are: · Offer and Acceptance · Intention to Create Legal Relations · Lawful Consideration . Capacity of Parties · Free Consent . Lawful Object · Writing and Registration · Certainty · Possibility of Performance . Not Expressly Declared Void
What is difference between contract and project?
A contract is a binding agreement which is legally enforceable by law if it is not fuilfilled. Under one project there will be different contracts entered at different periods as per the requirement of the work to be done.
Difference between contracts and agreements?
A contract is more than an agreement. It has to meet certain criteria before it can be considered a contract. A contract would have to have offer, acceptance, consideration and intention to create legal relations. An agreement can be between family members, friends. This would not be legally binding as there would most probably not be any intention for legal relations.
What is difference between open cover and open policy?
An open policy and an open cover have the exact same meaning. They both cover loss or damage to goods that are being transported by a specific carrier but they differ in a manner where in Open cover is not an enforceable contract but an agreement and open policy is an enforceable contract of insurance.
What is void agreement?
section2(g) provides, "an agreement not enforceable by law is said to be void" the void agreement does not create legal relations between parties and is void ab-initio(from the beginning).
Which statement about contracts is correct?
The correct statement about contract is that a contract is an agreement between a buyer and a seller. A contract can be a written or oral agreement.
