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Types Of Agreement In Mercantile Law

These contracts include agreements that are only triggered when certain events occur. A good example is insurance. Insurance policies require a buyer to pay premiums and the buyer to promise to pay for the insured property, say a car, in the event of an accident. As you can see, the insured or buyer pays for a service that he or she will never receive and insurers or sellers may have to pay more than the amount of premiums they received from the insured. To be precise, a legally enforceable agreement to act or not to act is called a contract. A contract must contain these elements: offer and acceptance, reasonable and unconditional consideration, free consent, capacity, legitimate purpose, security, intention to create legal obligations, and the contract should not be cancelled. Definition: The notion of contract is defined as an agreement between two or more parties that has a binding character, essentially the agreement of legal applicability is called a contract. It establishes and defines the obligations and obligations of the parties concerned. Pursuant to section 2(g) of the Indian Contract Act 1872, an agreement that is not enforceable by law is considered invalid. In business law, there are different types of agreements, some of which are part of normal activity and aim to protect other companies from adverse legal situations. Some joint agreements include partnership agreements, indemnification agreements and confidentiality agreements.

Some agreements are not legally binding, for example.B. a memorandum of understanding which is a contract that is used when two parties wish to establish a partnership based on education or research.

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