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What is an Agreement?
An agreement is a promise or arrangement between two or more people about something they intend to do.
“Agreement” means that the accomplishment relies solely upon the free will of the parties. An agreement is reached between two or more parties when they all agree to a common goal. This can be done informally, without any legal implications.
Agreement = Offer + Acceptance
Example: Mohit offers to sell his Car to Kashish for ₹ 5,00,000. So, when Kashish accepts the offer, it becomes an agreement.Section 2(e) of the Indian Contract Act, 1872 defines an agreement as, “Every promise and every set of promises, forming the consideration for each other, is an agreement.”
What is a Contract?
A contract is a legally binding agreement between two or more parties. A contract is an agreement between two parties that creates legally binding obligations. Contracts are typically in writing and signed by both parties.
Section 2(h) of the Indian Contract Act, 1872 defines a contract as, “an agreement enforceable through the law.”
Contract = Agreement (Offer + Acceptance) + Enforceable by Law
Example: A multiplex sells a ticket on 1st December 2022 to Arushi for a movie show. The Multiplex is under an obligation to organize a movie show on the given date. In case, the Multiplex fails to fulfill its promise, Arushi can take legal action against the multiplex owners. Thus, she has a right against the Multiplex, and a corresponding duty is imposed on the Multiplex.
Difference between Agreement and Contract
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FAQs on Agreement & Contract - Business Law - B Com
| 1. What is an Agreement? |  |
Ans. An agreement is a mutual understanding or arrangement between two or more parties that outlines the terms and conditions of their relationship or transaction. It can be a verbal or written understanding, expressing the intention of the parties involved.
| 2. What is a Contract? | |
Ans. A contract is a legally binding agreement between two or more parties that establishes their rights and obligations. It is a formal document that is enforceable by law and typically includes the terms, conditions, and remedies in case of breach.
| 3. What is the difference between an Agreement and a Contract? | |
Ans. The main difference between an agreement and a contract is that an agreement may or may not be legally enforceable, whereas a contract is legally binding and enforceable by law. An agreement can be informal, while a contract must meet certain legal requirements, such as consideration and capacity, to be valid.
| 4. What are the essential elements of a valid contract? | |
Ans. For a contract to be valid, it must have the following essential elements:
1. Offer and acceptance: There must be a clear offer made by one party and an acceptance of that offer by the other party.
2. Mutual consent: Both parties must willingly and freely agree to the terms of the contract.
3. Consideration: Something of value, such as money, goods, or services, must be exchanged between the parties.
4. Legal purpose: The contract must be formed for a lawful purpose and not involve any illegal activities.
5. Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of sound mind and of legal age.
| 5. Can an agreement be considered a contract if it is not in writing? | |
Ans. Yes, an agreement can be considered a contract even if it is not in writing. While some contracts are required to be in writing to be enforceable, such as those involving the sale of land or goods over a certain value, many agreements can be oral or implied. However, it is always advisable to have a written contract to avoid any misunderstandings or disputes in the future.
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Document Description: Agreement & Contract for B Com 2024 is part of Business Law preparation.
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