BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -A contract is an agreement that courts will enforce. Contracts between two parties are the basis for all economic activity. They are the legal links between the individuals and companies producing and consuming goods and services.
Detailed explanation-2: -A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date.
Detailed explanation-3: -Which of the following is true of a binding contract? It is created when an offeree accepts an offer that has been properly communicated.
Detailed explanation-4: -A legal relationship or legal relation is a legal connection between two persons or other entities. It may also be known, particularly in the law of India, as a jural relationship. A legal relationship may exist, for example, between two individuals or between an individual and a government.