Binding Agreement Meaning In English

1) n. an agreement with certain conditions between two or more persons or entities, in which it is promised to do something against a valuable profit known in return. Since contract law is at the heart of most business relationships, it is one of the three or four most important legal issues and can lead to differences in circumstances and complexity. The existence of a contract requires the recognition of the following actual elements: (a) an offer; b) an acceptance of this offer leading to a meeting of spirits; (c) a promise of execution; (d) a valuable consideration (which may be, in any form, a commitment or payment); (e) a period or event during which the performance must be completed (execution of obligations); (f) performance conditions, including the fulfilment of promises; g) performance. A unilateral contract is a contract by which there is a commitment to pay or provide another consideration in exchange for the actual benefit. (I`ll pay you $500 to repair my car by Thursday; the power is repairing the car until that date). A bilateral treaty is a treaty that trades a promise for a promise. (I promise to fix your car by Thursday and promise to pay $500 on Thursday). Contracts can be written or orally, but oral contracts are more difficult to prove and in most jurisdictions the time against the contract is shorter (for example. B two years for oral versus four years for written writing). In some cases, a contract may consist of several documents, such as . B of a series of letters, orders, offers and counter-offers.

There are many types of contracts: «conditional» to an event occur; «together and several,» in which several parties make a common promise to honour it, but each is responsible; «implicit» in which the courts decide that there is a contract on the basis of the circumstances. The parties may be able to meet all the requirements of the other, purchase all manufactured products or take a renewal option. The variations are almost limitless. Contracts for illegal purposes are legally unenforceable. 2) before reaching an agreement.