What Is An Agreement Explain The Main Characteristics Of An Agreement

Definition: In legal jargon, the word “agreement” is used to refer to a promise or obligation or set of mutual commitments that constitute consideration for the parties. The Contracting Party to which the offer or proposal is made shall accept in this respect, in return for mutual consideration, the offer shall be deemed to have been accepted, which shall lead to a promise. In the Contracts Act, the word “mutual” refers to “mutual” or “mutual” or “give-and-take”. Therefore, the “mutual promise” is the promise that leads to a return of quid or part of it for the parties to the agreement. A business contract is a legally binding agreement between two or more people or organizations. There is no specific format that a contract must follow. In general, it contains explicit or implicit terms that form the basis of the agreement.

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