BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A contract is an agreement that binds two people together
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A contract is an agreement to always be the better person
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A contract is any agreement between two or more persons that is binding by law.
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Detailed explanation-1: -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: -(h) An agreement enforceable by law is a contract; (i) An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract; (j) A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.
Detailed explanation-3: -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-4: -Agreement (or contract) An agreement in the context of contract law, refers to a meeting of the minds of two or more parties and at which point a contract is formed. A contract becomes the legally enforceable agreement between the two or more parties with enforceable obligations and promises.