CA Foundation Exam > CA Foundation Questions > Which of the following is a wider term?a)Agre...
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Which of the following is a wider term?
- a)Agreement
- b)Contract
- c)Promise
- d)None of these
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Which of the following is a wider term?a)Agreementb)Contractc)Promised...
Wider Term: Agreement
Explanation:
An agreement is a wider term that covers a broad range of arrangements between two or more parties. It can be oral or written and does not necessarily have to be legally binding, although it can be.
On the other hand, a contract is a specific type of agreement that is legally binding and enforceable by law. It involves an exchange of promises or obligations between parties, and failure to fulfill those promises or obligations can result in legal consequences.
Similarly, a promise is a commitment made by one party to another, but it may not necessarily involve an exchange of obligations or legal consequences. It can be a simple assurance or a statement of intent.
Therefore, of the options provided, agreement is the wider term that encompasses both contracts and promises.
Explanation:
An agreement is a wider term that covers a broad range of arrangements between two or more parties. It can be oral or written and does not necessarily have to be legally binding, although it can be.
On the other hand, a contract is a specific type of agreement that is legally binding and enforceable by law. It involves an exchange of promises or obligations between parties, and failure to fulfill those promises or obligations can result in legal consequences.
Similarly, a promise is a commitment made by one party to another, but it may not necessarily involve an exchange of obligations or legal consequences. It can be a simple assurance or a statement of intent.
Therefore, of the options provided, agreement is the wider term that encompasses both contracts and promises.
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Which of the following is a wider term?a)Agreementb)Contractc)Promised...
Agreement is used in a wider term as it includes both social and legal obligations
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Which of the following is a wider term?a)Agreementb)Contractc)Promised)None of theseCorrect answer is option 'A'. Can you explain this answer?
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