Examine the assertion that ‘All contracts are agreements but not all agreements are contracts, justifying your...

Examine the assertion that ‘All contracts are agreements but not all agreements are contracts, justifying your position with case law and examples

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Aggrement = Promise or set of promises (offer + acceptance ) + consideration

if 7 year old boy is buyng ice cream fom ice cream shop and giving $2 in return, it becomes aggrement . This is because the boy offers to buy ice cream and vendor accepts the offer ehich make nit a promise. The consideration for the both was ice cream and money respectively . it is just an aggrement but not contratct. Becuase there is no legal enforceability. An aggrement becomes contract only when there is a legal enforceability.

For example if a person is buying a car ehich is just 3 years old and the owner lied about the yaer of manfacuring the car thereby commiting the fraud . fraud makes contract vidable. Therefor , the buyer is on discretion that he can either to buy the car or not , whwere as seller is bound by the promise made.

Aggrements + Leagal Enforceabilty = Contract

An Agggrement becomes contract on following grounds

*Competency of parties
*Free consent of parties
* Law full consideration and object
* Not expressly declared to be void

ekkarill92 answered 1 year ago

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