Agreement in Business Agreement Business Law

Agreement Business LAW

Genuine Agreement Business Law Definition

Agreement in Business

Agreement
Section 2 (e) defines agreement as, "Every promise and every set fo pormises, forming the consideration for each other, is an agreement."
Section 2 (b) defines promise as, When the person to whom the proopsal is made signifies his assent there to , the proposal is said to be accepted. A proposal, when accpeted, becomes a promise.
A Promise is come into existence when one party makes a proposal to the other party gives consent. Therefore, a contract is an agreement, an agreement is a promise and a promise is an apecceoted proposal.

Definition of Contract

Definition of Contract
Pollack: "Every agreement and promise enforcable at law is a contract"
Salmond: A Contract is an agreement creating and defining obligations between the parties".
Sir William Anson: "An agreement enforceable by law made between two or more persons, by which rights are aqcquired by one or more to acts or forbearance on the part of other or others."
Section 2(h) of contract Act provides "An agreement enforcebale by alwa is contract." Thus a contract consists of two elements:
(a) Agreement (b) Enforceablitiy by Law