Conditions for contract Agreement Consideration Enforceable by law
How is a contract made? Proposer makes an unconditional offer to the other party. The other party accepts the proposal and the proposal becomes a promise and the parties are now legally promisor and promise The promise should have consideration; if the promise does not have consideration then it is not enforceable by law Promise […]
What is a promise? You can say in simple words that promise is an accepted proposal. When does the proposal become a promise? Proposal becomes a promise when the proposal is accepted by the promise. If the proposal is accepted a contract is made, but if the proposal is not made then the there is […]
Proposal Proposal is made by the proposer and if this proposal is accepted by the other party it becomes a promise and after this acceptance the conditions of the contract are binding a on both parties. A mere proposal cannot give birth to a contract because the proposal has to be accepted by the other […]
Void contact A contract which ceases to enforceable by lay becomes void when it ceases to be enforceable.
Voidable contract An agreement which is enforceable by at the option or on or more of the parties thereto, but not at the option of the other or others, is a voidable contract
Reciprocal promises Promises which form the consideration or part of consideration for each other, is an agreement.
Agreement Every promise and every set of promises, forming the consideration for each other, is an agreement.