Agreement Using Examples
A contract is a particular type of agreement that satisfies certain requirements to create legally binding obligations between the parties that may be imposed by a court. Contractual guarantees are less important conditions and are not fundamental to the agreement. They cannot terminate a contract if the guarantees are not fulfilled, but they can possibly claim compensation for the losses suffered. Contracts can be oral (spoken), written or a combination of both. Some types of contracts, such as. B the purchase or sale of real estate or financing contracts must be in writing. Meaning: an agreement is the meeting of minds or a mutual understanding between two or more persons of their reciprocal rights and obligations with regard to past or future services to conclude a contract; negotiators from the United Kingdom and the United States are on the verge of reaching an agreement; He nodded favorably. Preeti takes a loan from paragraph 1 Lakh from a lender. His brother Pradeep promised the lender in writing that he would repay his sister`s loan if she was late on the monthly payments. Preeti repaid the first tranches of the loan, after which it went bankrupt.
The lender turns to his brother Pradeep and asks him to pay on behalf of his sister. Pradeep refuses to pay. Now, the lender has the right to sue Pradeep for damages and recover the remaining part of the loan, given that the agreement to vouch for itself was written and registered and is enforceable in court.