BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -➢ genuine agreement (genuine assent or mutual assent)→exists when consent is not clouded by fraud, misrepresentation, duress, undue influence, or mistake. ➢ If genuine agreement is missing, the victim may cancel or disaffirm the contract because the contract is voidable.

Detailed explanation-2: -Example: agreeing to pay someone to commit a crime cannot be a contract Consideration The agreement must involve both sides receiving something of legal value as a result of the transaction.

Detailed explanation-3: -Without genuine assent a contract typically is voidable. This means that, if the injured party desires, that party can cancel or avoid the contractual obligation. The party then has the legal right to get back what has already been put into the contract, which is called rescission.

Detailed explanation-4: -A bilateral contract is an agreement between two parties in which each side agrees to fulfill their side of the bargain. Typically, bilateral contracts involve an equal obligation or consideration from the offeror and the offeree, although this need not always be the case.