BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Offers
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Counter offers
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Contracts
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Agreements
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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 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-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.