BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Liability in contract is dependent upon the existence of an agreement, while duties in tort are imposed automatically by the law. The same act may be a tort and a breach of contract. A person who commits a tort is known as a tortfeasor.

Detailed explanation-2: -A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

Detailed explanation-3: -An enforceable contract is one that can be enforced in court of law. That is, the law allows for enforcement of the contract. An enforceable contract must always be valid. A valid contract may, however, be unenforceable.

Detailed explanation-4: -A promise or a number of promises that are not contradicting and are accepted by the parties involved is an agreement. A contract is only legally enforceable. An agreement must be socially acceptable. It may or may not be enforceable by the law.