MANAGEMENT

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: -A contract is a legally enforceable agreement between two or more parties that creates an obligation to do (or not do) a particular thing.

Detailed explanation-3: -Bilateral Contract: Bilateral contracts are formed when both parties agree to exchange items or services. These are the most common types of contracts.

Detailed explanation-4: -To be legally enforceable, an agreement must contain all of the following criteria: An offer and acceptance; Certainty of terms; Consideration; An intention to create legal relations; Capacity of the parties; and, Legality of purpose.

Detailed explanation-5: -A covenant is a formal or legal agreement or promise between two or more people. Covenant is sometimes used in religious contexts.