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Mar 11, 2024 · What Is An Agreement? An agreement, in legal terms, is a mutual understanding between two or more parties regarding their respective rights and responsibilities. It may involves the exchange of goods, services, or promises and can be formal or informal, written or oral.
Definition: In legal parlance, the word ‘agreement’ is used to mean a promise/commitment or a series of reciprocal promises which constitutes consideration for the parties to contract. In an agreement, one person offers or proposes something to another person, who in turn accepts the same.
5 days ago · The Contract Act defines the term ‘Contract’ under its section 2 (h) as ‘An agreement enforceable by law’. This definition has two key elements: agreement and enforceable by law. Agreement-An agreement is every promise or the set of promises that form the consideration for each other.
Agreement. In section 2 (e), the Act defines the term agreement as “every promise and every set of promises, forming the consideration for each other”. Now that we know how the Act defines the term “agreement”, there may be some ambiguity in the definition of the term promise. Promise.
May 14, 2021 · Agreement. The definition of the agreement is defined in section 2 (e) of the Indian Contract Act 1872. An agreement is a kind of promise between the two parties, there is a consideration also involve in it. The perfect example of the agreement is the rent agreement.
May 4, 2022 · Under the law, agreements confer a number of rights and obligations upon the parties. Thus, it is crucial to understand the types of agreements, and what agreements may be enforceable in a court of law in order to protect our rights and discharge the obligations so as to avoid any legal action against ourselves. Different types of agreements.
Sep 1, 2021 · An agreement is defined in Indian Contract Act in Section 2 (e). It is connected as “every promise and every set of promises, forming the consideration for each other is an agreement.” Therefore, an agreement is made up of promises and considerations. A promise is a derivative of proposal.
