Please discuss a contract you are a party to - indicating what party you are and...

Please discuss a contract you are a party to - indicating what party you are and what type of contract it is using vocabulary from this chapter.

Subject BUS 201 Business Law

Expert Solution

ANSWER:

I am involved with an agreement to purchase a land property.

Right now, I am a promisor as a gathering who has vowed to purchase the land property from the someone else as promisee. The estimation of the land property is $20000.

In this way, it is a composed sort of agreement, as per the prerequisites of the resolutions of misrepresentation that expresses that any agreement having its estimation of more than $500, ought to be a composed agreement. The agreement is a lawfully restricting agreement, since it satisfies the various components of the agreement. It has the primary component as offer that is made without anyone else to purchase the land property and it is appropriately acknowledged by the counter party.

Additionally, the promisee as the gathering, has accepted the choice according to his lawful limit and with no coercive weight. Plus, the gathering has full competency to go into the agreement with legal thought. Subsequently, the agreement shaped to purchase the land property, is a legitimate and enforceable agreement in the official court of law.

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Rahul Sunny answered 7 months ago

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