• Que.

    what is contract in business law


    In business law, a contract is a legally binding agreement between two or more parties that outlines the terms and conditions of their relationship. Key points include:

    1. Offer and Acceptance: One party proposes terms, and the other accepts.
    2. Intention to Create Legal Relations: Both parties must intend for the agreement to be legally enforceable.
    3. Consideration: Each party must provide something of value in exchange for the other's promise.
    4. Legal Capacity: Parties must have the legal ability to enter into a contract.
    5. Legal Purpose: The contract's purpose must be lawful.

    Certainty and Possibility of Performance: Terms must be clear, and performance must be possible.
    Contracts serve as the foundation for business transactions, providing clarity and enforceability.

    Nov 14 2024
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