BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Abstract: 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 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. * A contract with a minor is not legally enforceable.

Detailed explanation-3: -A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things. The term “party” can mean an individual person, company, or corporation.

Detailed explanation-4: -According to Salmond, “Contract is an agreement creating and defining obligation between parties”.

Detailed explanation-5: -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.