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I) Proposal + Acceptance Promise Ii) Promise + Consideration Agreement

An agreement becomes a contract when it meets three conditions: 1) There is an offer and acceptance, creating a promise, 2) The promise involves consideration, forming an agreement, and 3) The agreement is enforceable by law. Not all agreements are contracts because some agreements, like moral or social agreements, do not create specific legal obligations and are therefore not enforceable in a court of law. For an agreement to be a contract, it must be possible for one party to pursue legal action against the other if the terms are breached.

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263 views4 pages

I) Proposal + Acceptance Promise Ii) Promise + Consideration Agreement

An agreement becomes a contract when it meets three conditions: 1) There is an offer and acceptance, creating a promise, 2) The promise involves consideration, forming an agreement, and 3) The agreement is enforceable by law. Not all agreements are contracts because some agreements, like moral or social agreements, do not create specific legal obligations and are therefore not enforceable in a court of law. For an agreement to be a contract, it must be possible for one party to pursue legal action against the other if the terms are breached.

Uploaded by

M. Hasan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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BUSINESS LAW & TAXATION

Assignment: 01

Question 01: How does an agreement come into existence?


A contract is supposed to come into being when the offeree has conveyed approval
of an offer to the offeror.

Offer: An offer is an expression of the ability to contract with certain conditions,


made with the purpose that, if accepted by the person to whom it is communicated,
it is legal, the offeror.

Acceptance: An offer consists of an agreement to hire someone if the person


performs such actions which both would not do (such as painting a house) will be
accepted by the conduct offered, or by an agreement to do so.

Question 02: All contracts are agreements, but all agreements are not
contract. Why?
A contract is a legally enforceable contract. The primary stage of the agreement is
a contract. Whether agreement may be implemented by law or if agreement is
accepted by law, that it would not become a contract. It is essential to make a
contract without an agreement that no contract is possible, but we cannot agree that
all agreements are contracts.

i) Proposal + acceptance
= PROMISE
ii) Promise + consideration
= AGREEMENT
iii) Agreement+ Enforceability
= CONTRAC
i) Proposal + acceptance
= PROMISE
ii) Promise + consideration
= AGREEMENT
iii) Agreement+ Enforceability
= CONTRAC
i) Proposal + acceptance
= PROMISE
ii) Promise + consideration
= AGREEMENT
iii) Agreement+ Enforceability
= CONTRAC
i) Proposal + acceptance
= PROMISE
ii) Promise + consideration
= AGREEMENT
iii) Agreement+ Enforceability
= CONTRAC
When the offer is accepted, then the contract is. Promise is accompanied by
acceptance then it becomes agreement and it is contract if an agreement becomes
enforceable by law.

i) Proposal + acceptance
= PROMISE
ii) Promise + consideration
= AGREEMENT
iii) Agreement+ Enforceability
= CONTRACT
i) Proposal + acceptance
= PROMISE
ii) Promise + consideration
= AGREEMENT
iii) Agreement+ Enforceability
= CONTRACT
1. Proposal + acceptance = Promise
2. Promise + consideration = Agreement
3. Agreement+ Enforceability = Contract

Question 03: Not all agreements are enforceable by law. Why?


An agreement has to be enforceable by law to enforce a contract that means the
agreement needs to give access to legal obligation. Moral or social agreements do
not justify contracts because parties never plan to establish specific legal
obligations. Neither one will pursue the other party in these situations in case of
mistake.

Question 04: When does an agreement become contract?


A contract is a legal agreement between two or more parties to do something, or
not to do something. An agreement begins from an offer and ends on acceptance
but another objective, i.e. enforceability, has to be accomplished through a
contract. Because of this failure of the contract, provide the wronged party with a
legal justification against the suspect and we can conclude that, all contracts are an
agreement, but not all agreements are a contracts.

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