ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -(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-2: -According to Sir Frederick Pollock, “Every agreement and promise enforceable at law is a contract."

Detailed explanation-3: -The illegal contracts are deemed as void and not enforceable by law. As section 2(g) of the Act states: “An agreement not enforceable by law is said to be void.” Thus we can say that all illegal contracts are void but the reverse is not true. Both the void contracts and illegal contracts can’t be enforceable by law.

Detailed explanation-4: -/ɪnˈfɔːr.sə.bəl/ (of a law or rule) possible to make people obey, or possible to make happen or be accepted: The guidelines are legally enforceable. We need enforceable environmental and safety laws. See.

Detailed explanation-5: -If any consideration or object is unlawful or violates any provision of law then such agreement is unenforceable and is known as void. So it is very important to note that the consideration and objectification to the contract should be lawful and not violate any provisions of law.