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MB-0035 (SET-1)

MB-0035 (SET-1)

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Published by: mail2dmishra on Jun 16, 2010
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12/31/2013

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SIKKIM MANIPAL UNIVERSITY ASSIGNMENT
Name
DhananjayKumar
Roll No.
510911381
Course
MBA-Semester-3
Subject
Legal Aspects of Business
Subject Code
MB0035-Set-1
Centre Code
1799
 
1.All contract are agreements, but all agreements are not contract-Discuss:
A contract is an agreement between parties that is legally enforceable. A simple"agreement" is an arrangement between the parties which may or may not contain thenecessary elements to be enforceable before a court of law.In Simple Words:A Contract is enforceable by law while an Agreement is not enforceable by law.A valid contract must contain the ten valid elements which are:· Offer and Acceptance· Intention to Create Legal Relations· Lawful Consideration. Capacity of Parties· Free Consent
 
. Lawful Object· Writing and Registration· Certainty· Possibility of Performance. Not Expressly Declared VoidAgreement is emerged from willingness of both parties to do or not to do something. Asno legal obligation is required here so just any two parties can mutually dispute on anymatter. Agreement is emerged this way.But all true contracts begin with an agreement.An agreement may be legal or illegal. As it is not bound by the law it needs not to followthe rules.On the other hand only legally enforceable agreement is contract. So it can never beillegal.Agreement may be against of human rights. It will create no problem because the partieswill not seek help from the law.A contract can never be against of human rights.Purpose of an agreement can be illegal.But purpose of a contract can never be illegal.

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