Formation of contract - law of contract, Business Law and Ethics

Formation of Contract - Law of Contract

However a legally binding agreement prepared between two or persons or more parties.  Whereas it has also been explained as a promise or promise set for the breach of that the law provides a remedy and so the performance of that such the law recognizes as an obligation.Conversely all contracts are agreements although all agreements are not the contracts.  Therefore this is just because a contract imposes upon the parties legally binding of such obligations.

However a contract comes by existence whenever an offer through one party is unequivocally accepted through another such both parties must have the requisite capacity and so some consideration must bypass between them.  Moreover the parties must have intended to create legal relations or bonding and the purpose of the agreement must have been legal.  Next there any requisite legal formalities might comply with.

Posted Date: 1/22/2013 1:23:07 AM | Location : United States







Related Discussions:- Formation of contract - law of contract, Assignment Help, Ask Question on Formation of contract - law of contract, Get Answer, Expert's Help, Formation of contract - law of contract Discussions

Write discussion on Formation of contract - law of contract
Your posts are moderated
Related Questions
State about the Security Council of United Nations? The Security Council: The Security Council has main responsibility for the preservation of international peace and sec

QUESTION 1 What are the role, powers, functions, aims and objectives of Trade Unions in maintaining a sound and harmonious relations? QUESTION 2 (a) What are the possib

Transfer of Immovable Property By S.54 Property Act, 1882 as Note: This Act is applicable in the US requires that a transfer of immovable property worth over as 100 rupees mus

State in brief about the term - Reputations Reputations can be defined as the actions an agent and expected to take. If he takes it up, he establishes his reputation or otherwi

Fraudulent Trading: Under s.323, if the court finds that the business of a company in liquidation has been carried on with intent to defraud creditors or for any fraudulent pu

QUESTION (a) The new Guideline on Corporate Governance relates to the processes and structures that should be put in place in order to direct and manage the business and affair

The International Court of Justice The International Court of Justice (ICJ) issued a legal opinion on the legality of nuclear weapons, which says that the threat or use of forc

QUESTION 1 (a) According to Thomas Dye "Public Policy is whatever governments choose to do or not to do". How far do you agree? (b) Explain clearly how the first important s

Illegal Partnerships - Number of Partners However a partnership will be illegal in the following state of affairs: like;; (a)   Whether it is formed for an illegal purpose

What are the Stages in Policy Process The traditional textbook approach to the study of public policy separates policy making into its component steps and analyzes each in turn.