An Agreement Enforceable by Law Is Called Mcq
An agreement enforceable by law is called a contract.
Contracts are a fundamental part of business and everyday life. They can be written or verbal, and they are used to establish legally binding agreements between two or more parties.
The term “enforceable by law” means that if one party fails to uphold their end of the agreement, the other party can take legal action to enforce the contract. This may include suing for damages, seeking specific performance, or other remedies as outlined in the contract.
Contracts can be complex and may require the expertise of lawyers or other legal professionals. They often include specific language and clauses to protect each party’s interests and outline the terms and conditions of the agreement.
In addition to legal enforcement, contracts also serve as a means of establishing trust and accountability between parties. By clearly outlining expectations and responsibilities, contracts help to prevent misunderstandings and disputes.
It is important to note that not all agreements between parties are contracts. For example, a casual conversation between friends about meeting up for dinner is not a contract, as it lacks the necessary elements required for legal enforcement.
In summary, an agreement enforceable by law is called a contract. Contracts serve as legally binding agreements between parties, outlining expectations and responsibilities and providing a means for legal enforcement.