IlmiBlog

What is contract? Any agreement or declaration between two or more parties and the agreement must be enforceable by law is called contract. In valid contract, both parties who involve in the contract are legally bound to fulfill his obligations or promises which are within the contract.                             Contract = Agreement + Enforceability Example:  Mr. Peter promises to sell his car to Mr. Harry for $20,000. Mr. Harry agrees to buy. It is a valid contract. What is agreement? Every promise, mutual decision or arrangement are an agreement if it forms a consideration for both parties.                               Agreement = Offer and Acceptance Example:  The decision between two...