_________ creates rights and obligations between the parties concerned.

a)
An Agreement

b)
A Promise

c)
A Contract

d)
A Consideration

Correct answer is option 'C'. Can you explain this answer?

Question

_________ creates rights and obligations between the parties concerned.a)An Agreementb)A Promisec)A Contractd)A ConsiderationCorrect answer is option 'C'. Can you explain this answer?

Answer

3. A Contract

A contract creates rights and obligations between the parties concerned. When two or more parties agree on specific terms and conditions and intend to create a legally binding relationship, a contract is formed. This contract enforces the parties' promises and actions, ensuring that each party fulfills their respective duties as outlined in the agreement. If one party fails to fulfill their obligations, the other party may seek remedies through the legal system.

Answer

Contract creates rights and obligations between the parties concerned.

Explanation:
A contract is an agreement between two or more parties that creates legally binding obligations between them. It is a written or spoken agreement that outlines the terms and conditions of the agreement, the rights and responsibilities of each party, and any potential consequences if the terms of the agreement are not fulfilled.

When two or more parties enter into a contract, they are legally bound to fulfill their obligations as outlined in the agreement. This means that if one party fails to fulfill their obligations, the other party may be able to seek legal remedies to enforce the contract.

In summary, a contract creates legal rights and obligations between the parties concerned, which are enforceable under the law.

Answer

Contract creates rights and obligations between the parties concerned . This is because contract necessarily creates a legal obligation and always grants certain rights to every party , with which it can be enforced by law. only because of this reason it is a contract else it's just a agreement .

Answer

The correct answer is contact because, an agreement can be social and personal also which will not lead to the formation of right and responsibility FOR eg. 3 friends aggred on a trip to goa this is an example of agreement but it is an personal agreement which doesn't generate rights and responsibilities. BUT ON THE OTHER HAND CONTACT INCLUDES ON LEGAL , BUSINESS AGGREMENT WHICH necessarily creates responsibility and right to both the parties, If the contact doest create right and responsibility that can't be demmed as CONTACT

Answer

An agreement

Similar CA Foundation Doubts

Which of these statements are true ? ( A ) An agreement is a wider term than contract . ( B ) All legal obligations are contracts?

Which of these obligations are imposed by the general law of land and not by the contractual agreements ? ( A ) Quasi contracts ( B ) Judgement of the court ( C ) Status obligations ( D ) All the three situations?

Law of contract (

Reciprocal promises are _______________.

Law of contract (

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