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

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M. Hasan

An agreement becomes a contract when it meets the requirements of offer, acceptance, consideration, and legal enforceability. Specifically: 1) An offer is made with an intent for it to lead to a binding agreement if accepted. 2) The offer is accepted, creating a promise. 3) Consideration, such as an exchange of goods or services, turns the promise into an agreement. 4) For an agreement to qualify as an enforceable contract, it must also be possible to compel compliance through the legal system if one party fails to fulfill their obligations. Not all agreements meet this standard of enforceability.

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

Uploaded by

M. Hasan
66 views4 pages
An agreement becomes a contract when it meets the requirements of offer, acceptance, consideration, and legal enforceability. Specifically: 1) An offer is made with an intent for it to lead to a binding agreement if accepted. 2) The offer is accepted, creating a promise. 3) Consideration, such as an exchange of goods or services, turns the promise into an agreement. 4) For an agreement to qualify as an enforceable contract, it must also be possible to compel compliance through the legal system if one party fails to fulfill their obligations. Not all agreements meet this standard of enforceability.

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An agreement becomes a contract when it meets the requirements of offer, acceptance, consideration, and legal enforceability. Specifically: 1) An offer is made with an intent for it to lead to a binding agreement if accepted. 2) The offer is accepted, creating a promise. 3) Consideration, such as an exchange of goods or services, turns the promise into an agreement. 4) For an agreement to qualify as an enforceable contract, it must also be possible to compel compliance through the legal system if one party fails to fulfill their obligations. Not all agreements meet this standard of enforceability.

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© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
66 views4 pages

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

Uploaded by

M. Hasan
An agreement becomes a contract when it meets the requirements of offer, acceptance, consideration, and legal enforceability. Specifically: 1) An offer is made with an intent for it to lead to a binding agreement if accepted. 2) The offer is accepted, creating a promise. 3) Consideration, such as an exchange of goods or services, turns the promise into an agreement. 4) For an agreement to qualify as an enforceable contract, it must also be possible to compel compliance through the legal system if one party fails to fulfill their obligations. Not all agreements meet this standard of enforceability.

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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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