BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -For clarity, parties who accept or sign a document that appears on its face to be a contract are deemed by law to agree to all of its terms. Therefore, the parties are bound by those terms even if they did not read the document and even if they are ignorant of some or all of its terms.

Detailed explanation-2: -A void contract is a formal agreement that is illegitimate and unenforceable from the moment it is created.

Detailed explanation-3: -Obligation of contracts refers to the legal duty of contracting parties to fulfill the promises specified in their contracts. If the obligations of a contract are in question, a person’s reasonable capacity to perform or refrain from performing the required task will be taken into consideration.

Detailed explanation-4: -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.