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: -Contract. An agreement is any understanding or arrangement reached between two or more parties. A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.
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: -For example, whenever we buy a product at a store or go grocery shopping, we are entering into an agreement to purchase whatever it is we are purchasing. When we get a new job, we sign an employment agreement to start work – that’s a contract!
Detailed explanation-4: - Every contract involves at least two parties–the offeror/ promisor, who makes the offer/promise to perform, and the offeree/promisee, to whom the offer/promise is made. [ 4303]