Define Agreement Enforceable By Law

Agent – someone who has been charged with acting on behalf of another person. The scope of the agreement and the agreement available to the agent is subject to the agreement between the master and the agent. The restrictive pact – is often included in long-term contracts and employment contracts in order to prevent parties from cooperating with competitors for the duration of the agreement and for a certain period of time. Acceptance – unconditional consent of an offer. That is how the contract is drawn up. Any offer may be withdrawn before it is adopted, but after adoption, the contract is binding on both parties. However, in certain circumstances, certain commitments that are not considered contracts may be applied to a limited extent. If one party relied on the other party`s assurances/promises to its detriment, the court may apply a just doctrine of Promissory Estoppel to compensate the non-injurious party to compensate the party for the amount it received from the appropriate appeal of the party to the agreement. The contract must also meet the legal requirements that define a contract. This implies that the contracting parties must have a mutual understanding of what the treaty covers.

For example, in a contract for a “smartphone”, the buyer thinks he will receive an iPhone 4 and the seller also believes that he has supported selling the same according to the buyer`s request, so there is a contract is held. But if the buyer thinks he will receive an iPhone and the seller thinks he is making a contract for the sale of a Samsung Galaxy SII, there is no meeting of minds and the contract will probably not be applicable. “A consideration is a right, interest, profit or profit that amounts to one party, or a certain leniency, loss, loss or liability that is granted, incurred or assumed by the other party.” “A consideration is an act or indulgence of a party, or its promise, the price for which the promise of others is purchased, and the promises of value thus made are enforceable.” Any promise and series of promises that constitute mutual consideration is an agreement. Promise is nothing more than an offer or proposal from one of the parties and acceptance of it by the other party. In other words, to conclude an agreement, there should be I) Offer II) acceptance and III) reflection.

Uncategorized