BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Void ab initio
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Consensus ad idem
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Conscious da diem
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Consensus ad idn
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Detailed explanation-1: -Consensus ad idem in contract law means there has been a meeting of the minds of all parties involved and everyone involved has accepted the offered contractual obligations of each party. Consensus ad idem is a Latin term that means, simply, agreement.
Detailed explanation-2: -Consensus ad idem means meeting of minds, mostly used in contract law, which refers to the fact that there is an agreement among the parties to contract. It simply means that there exists a mutual agreement among all parties to a contract. The agreement is one of the essential ingredients that constitute a contract.
Detailed explanation-3: -Consensus means substantial agreement has been reached by directly and materially affected interest categories. This signifies the concurrence of more than a simple majority, but not necessarily unanimity.