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A contract is an agreement:-
- a)Made by the parties who are competent to contract
- b)Not enforceable by law
- c)Enforceable at the option of the aggrieved party
- d)Made without free consent and consideration.
Correct answer is option 'A'. Can you explain this answer?
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A contract is an agreement:-a)Made by the parties who are competent to...
contract
A voluntary, deliberate, and legally binding agreement between two or more competent parties. Contracts are usually written but may be spoken or implied, and generally have to do with employment, sale or lease, or tenancy.
A voluntary, deliberate, and legally binding agreement between two or more competent parties. Contracts are usually written but may be spoken or implied, and generally have to do with employment, sale or lease, or tenancy.
A contractual relationship is evidenced by (1) an offer, (2) acceptance of the offer, and a (3) valid (legal and valuable) consideration. Each party to a contract acquires rights and duties relative to the rights and duties of the other parties. However, while all parties may expect a fair benefit from the contract (otherwise courts may set it aside as inequitable) it does not follow that each party will benefit to an equal extent.
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A contract is an agreement:-a)Made by the parties who are competent to...
A contract is an agreement enforceable by law hence it is the first essential according to section 10
But, other options violate some or the other essentials according to section 10.
But, other options violate some or the other essentials according to section 10.
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A contract is an agreement:-a)Made by the parties who are competent to...
A contract is an agreement:
A contract is a legally binding agreement between two or more parties that creates an obligation to do or not to do a particular thing. It is an essential part of business and commercial transactions, as it ensures that both parties involved are legally bound to fulfill their obligations.
Competence to contract:
The correct answer to this question is option 'A', which states that a contract is made by parties who are competent to contract. Competence to contract refers to the legal capacity of individuals to enter into a contract. In order for a contract to be valid, all parties involved must have the legal capacity to understand the terms and consequences of the agreement.
Explanation:
- Competence to contract is an important requirement for a valid contract. It ensures that all parties involved have the mental capacity and legal authority to enter into a contract.
- Parties who are considered competent to contract include individuals who are of legal age, of sound mind, and not disqualified from contracting by any law.
- For example, minors, persons of unsound mind, and individuals who are disqualified by law such as bankrupts or convicted felons may not have the legal capacity to enter into a contract.
- If a contract is entered into by a party who lacks the competence to contract, it may be considered void or voidable, meaning that it may not be enforceable by law.
- Therefore, it is crucial to ensure that all parties involved in a contract are competent to contract in order to avoid any legal complications in the future.
- It is also worth noting that even if all parties are competent to contract, the contract must still meet other essential elements such as offer, acceptance, consideration, and free consent to be enforceable by law.
In conclusion, a contract is an agreement made by parties who are competent to contract. This means that all parties involved must have the legal capacity to understand and fulfill their obligations under the contract. Competence to contract is an important requirement for a valid and enforceable contract.
A contract is a legally binding agreement between two or more parties that creates an obligation to do or not to do a particular thing. It is an essential part of business and commercial transactions, as it ensures that both parties involved are legally bound to fulfill their obligations.
Competence to contract:
The correct answer to this question is option 'A', which states that a contract is made by parties who are competent to contract. Competence to contract refers to the legal capacity of individuals to enter into a contract. In order for a contract to be valid, all parties involved must have the legal capacity to understand the terms and consequences of the agreement.
Explanation:
- Competence to contract is an important requirement for a valid contract. It ensures that all parties involved have the mental capacity and legal authority to enter into a contract.
- Parties who are considered competent to contract include individuals who are of legal age, of sound mind, and not disqualified from contracting by any law.
- For example, minors, persons of unsound mind, and individuals who are disqualified by law such as bankrupts or convicted felons may not have the legal capacity to enter into a contract.
- If a contract is entered into by a party who lacks the competence to contract, it may be considered void or voidable, meaning that it may not be enforceable by law.
- Therefore, it is crucial to ensure that all parties involved in a contract are competent to contract in order to avoid any legal complications in the future.
- It is also worth noting that even if all parties are competent to contract, the contract must still meet other essential elements such as offer, acceptance, consideration, and free consent to be enforceable by law.
In conclusion, a contract is an agreement made by parties who are competent to contract. This means that all parties involved must have the legal capacity to understand and fulfill their obligations under the contract. Competence to contract is an important requirement for a valid and enforceable contract.
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A contract is an agreement:-a)Made by the parties who are competent to contractb)Not enforceable by lawc)Enforceable at the option of the aggrieved partyd)Made without free consent and consideration.Correct answer is option 'A'. Can you explain this answer?
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