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 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.
Detailed explanation-2: -“All agreements are not contracts” An agreement is a set of promises. Section 2(e) of The Indian Contract Act 1872 says, “Every promise and every set of promises, forming the consideration for each other, is an agreement”. In an agreement, there is a promise between both parties.
Detailed explanation-3: –All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.
Detailed explanation-4: -A void contract is a formal agreement that is illegitimate and unenforceable from the moment it is created.