A voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement is known as __________(a) job(b) loan(c) contract(d) mutual fundI have been asked this question in unit test.The doubt is from Contract System in chapter P.W.D of Civil Engineering Drawing

A voluntary arrangement between two or more parties that is enforceabl

1.	A voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement is known as __________(a) job(b) loan(c) contract(d) mutual fundI have been asked this question in unit test.The doubt is from Contract System in chapter P.W.D of Civil Engineering Drawing
Answer» The correct option is (c) contract For explanation: A contract arises when the parties agree that there is an agreement. Formation of a contract GENERALLY requires an offer, ACCEPTANCE, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to ENTER the agreement. Minors, intoxicated PERSONS, and those under a mental affliction may have insufficient capacity to enter a contract. Some TYPES of contracts may require formalities, such as a memorialization in writing.

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A voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement is known as __________(a) job(b) loan(c) contract(d) mutual fundI have been asked this question in unit test.The doubt is from Contract System in chapter P.W.D of Civil Engineering Drawing

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