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Distinguish Agreement & Contract - Agreement, Business Law Video Lecture | Business Law - B Com
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FAQs on Distinguish Agreement & Contract - Agreement, Business Law Video Lecture - Business Law - B Com
| 1. What is an agreement in business law? |  |
An agreement in business law refers to a mutual understanding or arrangement between two or more parties, where they agree to certain terms and conditions. It may be written or verbal and forms the basis of a contract.
| 2. How is an agreement different from a contract? | |
While an agreement is a broader term that encompasses any mutual understanding between parties, a contract is a legally binding document that enforces the terms agreed upon in the agreement. In simpler terms, an agreement is a promise or arrangement, whereas a contract is an agreement that is enforceable by law.
| 3. What are the essential elements of a valid agreement? | |
For an agreement to be considered valid, it must fulfill certain essential elements, including:
1. Offer and acceptance: There must be a clear offer by one party and an unqualified acceptance by the other party.
2. Intention to create legal relations: The parties must intend to create a legally binding agreement.
3. Consideration: Each party must receive something of value or benefit in exchange for the promises made.
4. Capacity: The parties involved must have the legal capacity to enter into a contract.
5. Free consent: The agreement must be entered into without any form of coercion, undue influence, fraud, or misrepresentation.
| 4. Can an agreement be valid without a written contract? | |
Yes, an agreement can be valid without a written contract. While written contracts provide clarity and evidence of the terms agreed upon, verbal agreements can also be legally binding in many cases. However, certain types of agreements, such as those related to real estate or involving large amounts of money, often require a written contract to be enforceable.
| 5. What happens if one party fails to fulfill their obligations in an agreement? | |
If one party fails to fulfill their obligations as stated in the agreement, it may lead to a breach of contract. The non-breaching party may then have legal remedies available, such as seeking damages or specific performance. However, the exact consequences will depend on the terms of the agreement, applicable laws, and the specific circumstances of the case.
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Nov 16, 2024 Last updated |
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