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Which one of the following shows an intention to be bound?
- a)Binding in 'essence' only.
- b)Binding in 'honour' only.
- c)This is a 'gentleman's agreement'.
- d)A signature on a legal document.
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Which one of the following shows an intention to be bound?a)Binding in...
A legal document denotes that the parties see the agreement as being legally binding. In the other scenarios presented, there is an informal agreement being established.
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Which one of the following shows an intention to be bound?a)Binding in...
Intention to be Bound in Contract Law
Intention to be bound is a crucial element in the formation of a legally binding contract. In order for an agreement to be considered legally enforceable, both parties must have the intention to be bound by the terms of the contract.
Explanation of the Options:
- Option A: "Binding in essence only" indicates a clear intention to be bound by the terms of the agreement. This phrase suggests that the parties consider the agreement to be legally binding.
- Option B: "Binding in honour only" implies that the agreement is based on trust and honor rather than a legal obligation. This does not demonstrate a clear intention to be bound.
- Option C: "This is a gentleman's agreement" suggests a more informal agreement based on trust and honor, rather than a legal contract. This does not show an intention to be legally bound.
- Option D: "A signature on a legal document" is a clear indication of intention to be bound, as signing a legal document signifies acceptance of the terms and conditions outlined in the contract.
Conclusion:
In contract law, the presence of an intention to be bound is essential for an agreement to be legally enforceable. Option A, "Binding in essence only," demonstrates a clear intention to be bound by the terms of the agreement, making it the correct choice in this scenario.
Intention to be bound is a crucial element in the formation of a legally binding contract. In order for an agreement to be considered legally enforceable, both parties must have the intention to be bound by the terms of the contract.
Explanation of the Options:
- Option A: "Binding in essence only" indicates a clear intention to be bound by the terms of the agreement. This phrase suggests that the parties consider the agreement to be legally binding.
- Option B: "Binding in honour only" implies that the agreement is based on trust and honor rather than a legal obligation. This does not demonstrate a clear intention to be bound.
- Option C: "This is a gentleman's agreement" suggests a more informal agreement based on trust and honor, rather than a legal contract. This does not show an intention to be legally bound.
- Option D: "A signature on a legal document" is a clear indication of intention to be bound, as signing a legal document signifies acceptance of the terms and conditions outlined in the contract.
Conclusion:
In contract law, the presence of an intention to be bound is essential for an agreement to be legally enforceable. Option A, "Binding in essence only," demonstrates a clear intention to be bound by the terms of the agreement, making it the correct choice in this scenario.
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Which one of the following shows an intention to be bound?a)Binding in...
Correct option should be D signature on legal document
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Which one of the following shows an intention to be bound?a)Binding in 'essence' only.b)Binding in 'honour' only.c)This is a 'gentleman's agreement'.d)A signature on a legal document.Correct answer is option 'A'. Can you explain this answer?
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Which one of the following shows an intention to be bound?a)Binding in 'essence' only.b)Binding in 'honour' only.c)This is a 'gentleman's agreement'.d)A signature on a legal document.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which one of the following shows an intention to be bound?a)Binding in 'essence' only.b)Binding in 'honour' only.c)This is a 'gentleman's agreement'.d)A signature on a legal document.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following shows an intention to be bound?a)Binding in 'essence' only.b)Binding in 'honour' only.c)This is a 'gentleman's agreement'.d)A signature on a legal document.Correct answer is option 'A'. Can you explain this answer?.
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