Contracts & agreements
Contracts & agreements Contracts and agreements are formal communication tools used in businesses, organizations, and legal contexts to establish mutual obligations, rights, and responsibilities between two or more parties. An Agreement is a mutual understanding between parties about their respective rights and duties. It may be oral or written . A Contract is a legally binding agreement that is enforceable by law. It requires essential elements such as offer, acceptance, consideration, and legal intention . 🏛️ Types of Contracts & Agreements Contracts and agreements can be categorized based on legality, formation, performance, and purpose . 1. Based on Legality Valid Contract ✅ – Legally enforceable, fulfills all requirements (offer, acceptance, consideration, legal purpose). Example: Employment contract with salary, duties, and conditions. Void Contract ❌ – Not enforceable by law (missing legality or purpose). Example: A contract to perform ...