what do uyou mean by agreement.explin its features? Related: Agreement Declared Void and Legal Formalities - Agreement, Business Law

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what do uyou mean by agreement.explin its features? Related: Agreemen...

AGREEMENT

A negotiated and usually legally enforceable understanding between two or more legally competent parties.

Although a binding contract can (and often does) result from an agreement, an agreement typically documents the give-and-take of a negotiated settlement and a contract specifies the minimum acceptable standard of performance.

Essential features of a AGREEMENT

The following features must be present in a contract to make it legally enforceable.

OFFER An expression on willingness to be bound on terms. Terms established by the offeror here – and only those included at this stage form part of the contract.

ACCEPTANCE The party(s) to whom the offer has been made communicates a full and unconditional acceptance of the terms of the offer (exceptions exist in unilateral offers and the postal rule).

CONSIDERATION The bargain element of the contract, also known as ‘the price of a promise’. A simple contract may be a bad bargain, but it must be a bargain to be enforceable.

INTENTION The parties must intend that the agreement is to establish a legally binding contract rather than simply a social/domestic arrangement.

CERTAINTY The terms of the contract must be suffi ciently clear and precise to be enforceable.

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