BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Contracts are the agreements between two or more parties that create obligations. All serious agreements are contracts. When the offeror communicates an offer to contract, the offeree is not required to accept it, but he or she may choose to do so. Consideration is the legal ability to contract.

Detailed explanation-2: -An agreement is the basic structure and when the agreement is legally bounding it becomes a contract, but if it does not include the essentials to form a contract then it can become a void, voidable, domestic agreement.

Detailed explanation-3: -An agreement may simply involve one party accepting another party’s offer. Since this scenario does not involve consideration, it is not a contract. Other common examples of agreements which are not contracts include gentlemen’s agreements and unlicensed betting pools.

Detailed explanation-4: -The main difference between agreement and contract is that an agreement is not legally binding and enforceable by law, whereas a contract is legally binding and enforceable by law.

Detailed explanation-5: -Because a quasi contract is not a true contract, mutual assent is not necessary, and a court may impose an obligation without regard to the intent of the parties. When a party sues for damages under a quasi-contract, the remedy is typically restitution or recovery under a theory of quantum meruit.