Agreements Enforceable by Law - 1093 Words

Section 2(h) of the Contracts Act defines contract as an agreement enforceable by law. A contract is said to be formed if the parties entering into it is bound together by it and also it must be enforceable against each other. But one must also keep in mind that every agreement is not a contract but every contract is an agreement. Certain agreements like domestic agreements and social agreements cannot be said as contracts because they cannot be enforceable by law. However an agreement can be enforceable by law if it fulfils the following six elements. †¢ Proposal or offer †¢ Acceptance †¢ Proposer or offerer †¢ Acceptor or offeree †¢ Consideration †¢ Intention to create legal relations †¢ Capacity to contract †¢ Free consent Coming to the question, it concentrates more on the revocation of proposal or offer. So we need to see what an offer is first of all. According to section 2(a) of the Contracts Act 1950 a proposal is said to exist â€Å"when one person signifies the willingness to do or to abstain from doing anything, with a view to obtain the assent of that other person to the act or the abstinence.† The general rule of an offer states that it must be clear and communicated to the acceptor. The Contracts Act 1950, section 4(a) provides that â€Å"the communication of a proposal is complete when the proposal comes to the knowledge of the proposer.† Therefore in order for the proposal to be valid, it must be clear and communicated. Yatie’s proposal in the question is valid onShow MoreRelatedAn Agreement Enforceable By Law Is A Contract Essay1925 Words   |  8 Pagesto Section 2(h) , â€Å"an agreement enforceable by law is a contract†. In other words, a contract is a legally enforceable agreement or legally binding promises between two or more parties to do or not to do something. According to Section 2(e) , â€Å"every promise and every set of promises, forming the consideration for each other, is an agreement†. Thus, an agreement means that every promise that contains consideration from two or more parties which may not enforceable by the law. According to SectionRead MoreThe Law Of Contract : An Enforceable Agreement2518 Words   |  11 Pagescontract as stated is an enforceable agreement which is liberally drawn upon between the parties as the judges do inflict their decisions on the parties which can be shown in a number of sources under the law of contract or whether there is a contrary explanation in what judges ought to do when reaching verdicts in contractual disputes. In this essay I will use legal reasoning to critically discuss the real reasons behind judges using their discretion in making decisions under the law of contract and whatRead MoreAn Agreement Not Enforceable By Law Is Said To Be Void9818 Words   |  40 PagesBUSINESS LAW. I SEM MBA ONE MRKS QUESTIONS: 1. What is void agreement Void means having no legal value and agreement means Arrangement, promise or contract made with somebody.   So void agreement means an agreement that has no legal value. â€Å"An agreement not enforceable by law is said to be void†. [Sec 2(g)] A void agreement has no legal effect. An agreement which does not satisfy the essential elements of contract is void. Void contract confers no rights on any person and creates no obligationRead MoreDifferences Between A Contract And Contract Agreement Essay909 Words   |  4 PagesA. Differences between a contract and an agreement are: CONTRACT AGREEMENT 1. A contract is a legal binding between two or more parties. 1.An agreement is an arrangement between two or more parties 2. A contract is enforceable by law. 2. An agreement is not enforceable by law. 3. Consideration is required in contract. 3. Consideration is not required in an agreement. 4. There is a guarantee by law to claim upon any damage. 4. There is no guarantee by law to claim upon any damage. 5. No writingRead MoreDefinitions Of Offer, Acceptance, Legal Consideration, Capacity, And Legality Of A Contract1208 Words   |  5 Pagesthe agreement that the parties have prepared and to define their privileges and tasks in accordance with that contract. The legislative should implement a legal contract as it is created, unless there are factors that impede its enforcement. It is the purpose for the declaration to advance the improvement of agreements between proficient gatherings for lawful bases .As a universal statute, contracts by able parties, justifiably prepared, are compelling and enforceable. Persons to an agreement areRead MoreThe Law Commission s Report1551 Words   |  7 PagesThe Law Commission’s Report has proposed that there should be legislative reform to create nuptial agreements that are in a prescribed form and adhere to certain safeguards, legally binding. A nuptial agreement that meets the criteria is called a ‘qualifying nuptial agreement an d would allow married couples and civil partners to make an agreement as to how their assets should be divided when they to separate. The court will be prevented from making orders inconsistent with the terms of the qualifyingRead MoreConsensus Ad Idem1462 Words   |  6 Pagestogether†. It, therefore, denotes a drawing together of two or more minds to form a common intention giving rise to an agreement which is intended to be enforceable by law and which may have elements in writing, though contracts can be made orally. Section 2(h) of the Indian Contract Act, 1872 defines a contract as an agreement enforceable by law. Section 2(e) defines agreement as â€Å"every promise and every set of promises forming consideration for each other.† Section 2(b) defines promise in theseRead MoreLetter Of Intent : Eileen W. Norkunas1121 Words   |  5 Pagesinformation and the financing requirement for the Buyers. Both the parties signed the Letter of Intent on March 7, 2004. Alo ng with the letter of intent , the Buyers also deposited a cheque worth $5000, but the same was not recorded. After the agreement was signed, the Buyers or their real estate agent send a parcel of documents, which included a letter stating the information about the attached documents. The package consisted of few pre-printed forms along with the â€Å"Residential Contract of Sale†Read MoreThe Legal Elements Of A Contract For The Purchase Of The Automobile1210 Words   |  5 PagesWe make promises and agreements every day. Some are as casual as a promise to â€Å"wash the dishes† to more formal contracts such as signing a two-year agreement with a service provider for cellular service. These various agreements can be oral, written, short-term, long-term, fixed or negotiable. Although a promise or agreement is defined as a contract that the law will enforce, there are seven key elements that are required for a contract to be legally enforceable (Beatty, Samuelson Abril, 2016,Read MoreAssignment For This Week Is Enforceable Contracts967 Words   |  4 Pages The assignme nt for this week is regarding enforceable contracts. In an effort to determine if a contract is enforceable, there first has to be the basic understanding of a contract. According to Sequist, it is important to know that contract law is governed by common law or the Uniform Commercial Code. (Sequist, 2012) A contract is considered a legally binding document. (Matt and Fleming, 2012) Due to this fact, it important that all parties involved have a full understanding of what the contract