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Business Law & Taxation: Assignment: 01
Business Law & Taxation: Assignment: 01
Assignment: 01
Question 01: How does an agreement come into existence?
When a proposal is accepted it becomes a promise. An agreement,
therefore, comes into existence only when one party makes a proposal or
offer to the other party and that other party gives his acceptance. When
agreement is incapable of creating a duty enforceable by law
Question 02: All contracts are agreements, but all agreements are not
contract. Why?
An agreement which lack all of the required elements to be considered
as contract. Which is legally enforceable, is still an agreement. Both
parties have socially and morally bound to keep it.