BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A contract is a voluntary arrangement between two or more parties that is enforceable at law. It is a legally-binding agreement that obligates two or more parties to complete certain tasks. It creates rights and obligations to parties of the contract.

Detailed explanation-2: -A contract is a legally enforceable agreement between two or more parties that creates an obligation to do (or not do) a particular thing.

Detailed explanation-3: -A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. A legally enforceable contract requires the following elements, all of which are discussed in more detail below.

Detailed explanation-4: -Unilateral contract: Only one party is legally obliged to provide something to the others involved in this contract. Bilateral contract: An agreement where two parties trade services or commodities.

Detailed explanation-5: -A contract is a legally binding agreement. Once an offer has been accepted, there is an agreement, but not necessarily a contract. The element that converts any agreement into a true contract is “intention to create legal relations".