Contracts/Agreement

Contracts/Agreement

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Contracts/Agreement

A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law. An agreement is any understanding or arrangement reached between two or more parties.

The requirements for the formation of a contract are more precise and comparatively stricter. A contract must contain the following essential elements:

  1. Offer and Acceptance
  2. Mutual Consent.
  3. Consideration.
  4. Competence.
  5. Legal Purpose.

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