B Com Exam > B Com Videos > Business Law > Distinguish Agreement & Contract - Agreement, Business Law
Distinguish Agreement & Contract - Agreement, Business Law Video Lecture | Business Law - B Com
|
33 videos|59 docs|18 tests
|
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.
Related Exams
About this Video
|
4.1K Views |
|
4.73/5 Rating |
|
Dec 19, 2024 Last updated |
Video Description: Distinguish Agreement & Contract - Agreement, Business Law for B Com 2024 is part of Business Law preparation.
The notes and questions for Distinguish Agreement & Contract - Agreement, Business Law have been prepared according to the B Com exam syllabus.
Information about Distinguish Agreement & Contract - Agreement, Business Law covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Distinguish Agreement & Contract - Agreement, Business Law.
Introduction of Distinguish Agreement & Contract - Agreement, Business Law in English is available as part of our Business Law for B Com & Distinguish Agreement & Contract - Agreement, Business Law in
Hindi for Business Law course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Distinguish Agreement & Contract - Agreement, Business Law Video Lecture | Business Law - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Business Law.
Information about Distinguish Agreement & Contract - Agreement, Business Law
Here you can find the meaning of Distinguish Agreement & Contract - Agreement, Business Law defined & explained in the simplest way possible.
Besides explaining types of Distinguish Agreement & Contract - Agreement, Business Law theory, EduRev gives you an ample number of questions to practice Distinguish Agreement & Contract - Agreement, Business Law tests,
examples and also practice B Com tests.
|
33 videos|59 docs|18 tests
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Summary
,Distinguish Agreement & Contract - Agreement
,Free
,Distinguish Agreement & Contract - Agreement
,practice quizzes
,Objective type Questions
,Sample Paper
,Previous Year Questions with Solutions
,Semester Notes
,shortcuts and tricks
,Viva Questions
,video lectures
,Important questions
,study material
,Distinguish Agreement & Contract - Agreement
,Exam
,Business Law Video Lecture | Business Law - B Com
,mock tests for examination
,ppt
,Business Law Video Lecture | Business Law - B Com
,Extra Questions
,past year papers
,Business Law Video Lecture | Business Law - B Com
,MCQs
;
Study Distinguish Agreement & Contract - Agreement, Business Law on the App
Students of B Com can study Distinguish Agreement & Contract - Agreement, Business Law alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Distinguish Agreement & Contract - Agreement, Business Law,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Distinguish Agreement & Contract - Agreement, Business Law is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup