⦿ There should be 2 or more parties ⦿ There should be a free agreement for the acceptance of the offer ⦿ The agreement between the parties should be legally enforceable. ⦿ There should be certainties about the details of the contract, etc. ⦿ The agreement should not contain illegal things. This is how the Indian Contract Act came into force, which was passed by the British government because it ruled India at the time. The law provides a basis for all agreements and contracts. This law applied throughout the country, except in the state of Jammu-Kashmir. Frequent examples of contracts are confidentiality agreements, end user license agreements (both although they are called “agreements”), employment contracts, and accepted orders. Whatever its name, a court may, as long as an agreement contains the necessary elements of a contract listed above, apply it as such. For example, you propose that your friends stay in your house while they are in town.
This is an agreement because there is no counterparty exchange for the use of your home and there are no conditions for them. Your friends can`t sue you if you change your mind and are charged for a hotel. An agreement is made between two or more people when one party is willing to offer something and another party accepts it with the same consideration. It is important that both sides agree on the same thing and be on the same side. A contract is considered a legally enforceable agreement for the action or non-heard of certain acts. A contract must consist of elements such as appropriate and unconditional consideration, offer and acceptance, capacity, free consent, security, legitimate property, intentions to create legal obligations and no null agreement. A contract can be a written or oral contract. Some important types of contracts are a recourse contract, a void contract, a unilateral contract, a valid contract, an explicit treaty, a bilateral treaty, a possible contract, a tacit contract, a contract performed, a contract concluded, a quasi-contract, a contract of performance, etc.
From the above discussion, we learned that agreements are reached on the basis of mutual agreement between two parties and trust between them. . . .