Whether the treaty is oral or written, it must contain four essential elements to be legally binding. An agreement that is not enforceable by any of the parties is null and void [section 2(i)] The pact. It`s a name. an agreement between two or more individuals or organizations in which they promise to do something. Another example to understand the impact: A sells the goodwill of his company to B – promises not to do similar business anywhere in the world. The restraint is inappropriate and the agreement is therefore a nullity. A contract is a voluntary agreement between two or more parties, which is legally applicable. It is a legally binding agreement that requires two or more parties to perform certain tasks. It establishes the rights and obligations to the contracting parties. A contract is a commitment or a series of promises made between two or more parties that allow the courts to render their judgment. It is a law dealing with the drafting and enforcement of treaties. Contracting generally requires an offer, acceptance, consideration, guarantee, capacity, free consent and mutual consent of two or more persons who must be linked. Contractual forms can be written, orally and by behavior.
Each agreement must have the essential elements of a valid contract. The agreement includes a valid offer from one party and valid acceptance of the offer by the other party when only that contract has been concluded. The agreement, which contains essential elements of a valid contract, is legally applicable. In the Muluki Civil Code, 2074, the offer, acceptance, legal relationship, the capacity of the parties, freedom of consent, legitimate property, writing and recording, security, efficiency and not expressly annulled it is part of a valid contract. In the modern age of legal development, contract law has a role to play in all activities of human society. This is an inevitable object of economic or corporate law. Contract law is considered an important element of business law, given that the transaction is conducted between two or more parties and the relationship between them is governed and regulated by the treaty. Most states consider people under the age of 18 to be minors. Minors do not have contractual capacity. When they enter into a contract, the contract is generally deemed cancelled. You have the right to terminate the contract at any time before the age of 18.
However, if a minor terminates the contract, the benefits he or she has received must be reimbursed.