Legal Aspects of Business Summary Arun Kumar Rajendran (B36)   1) Indian Contract Act,

A partnership is an arrangement between two or more groups, organizations or individuals who work together to achieve common aims or who have common interests.

An agreement made between two or more parties which are intended to be legally enforced is termed as contract. When one party makes an offer to the other party and the other party shows an intention to accept it; the contract arises.

The main elements that make a contract include offer, Consideration and acceptance. There must be an agreement which needs someone to make the initial offer. Each party to the contracts must then give something that is of value away. Each of the contract must willingly intend to enter into a legally binding agreement. It is proposed that before you accept a contract, the terms and conditions must be read in conjunction with making the final acceptance. Contracts include terms and conditions which outline the rights and obligations of both sides to the contract.

A partnership is a business organization where the partners own the business together and are

A contract can either be written implied or spoken agreement between two or more people legally binding. Once contract has been the offeror will have to keeps promises provided in the contract and the offeree will have to follow all the terms and condition in the contract will. If one party fail to follow their obligation in the contract condition in the contract they make take legal consequences.

As defined in section 1 of the Partnership Act 1890, “partnership is the relation or association which subsists between persons carrying on a business in common with a view of profit” . Partners also share the business’s profits, and each partner pays tax on their share .

A contract is a valid or legally binding agreement between two parties. Contract is also said to be as a set of promise which the court and law will enforce it. Not all contract need to be presented in written form. A written contract is normally drawn up by listing all of the terms agreed between two parties . Furthermore, these two parties will need to sign and date the document at the end. In order to form a contract, there are six important elements required. This includes offer, acceptance, consideration, intention to be legally bound, capacity to contract, as well as legality of promises.

Contract is an agreement that enforced by law under the section 2 (h) of Contracts Act 1950. It can be in written or verbally at least it fulfils the seven elements which are offer and acceptance, certainty, intention to create legal relations, consideration, legality, legal capacity and free consent.

A contract is compulsory with agreement and relationship with the parties, and a contract is also a promise which is the promise between each other impose by the law. There are 6 elements of the contract which is offer, acceptance, and intention to create legal relations, consideration, certainty, and capacity, all this are important to form a legal contract.

Partnership Act: a relationship between two or more persons carrying on a business with a view to profit. Companies Act – more than 20 partners not allowed,

A contract is a promise or a set of promises that one party makes to another and that can be enforced using law. Contracts are made for commercial bargains. A contract is legally binding. It entails selling or hire of commodities such as services, goods or land. The major elements required for a legally binding contract are offer and its acceptance . When one person expresses an offer on outlined terms to contract and the offeree indicates that they have agreed to the set terms, the contract becomes legally binding. There is usually no room for negotiations after a contract has been made. Therefore, an offer that is valid must be in existence. There are requirements for existence of such a valid offer. This essay assesses the requirements.

There are nullifying contracts, now this contact is called the lunatic and idiot contract , it is for people under the influence of a narcotic or alcohol this contract will not be acceptable, it take away free will, contract signed must be done in a clear concise mind, these contract are voidable contracts (Contract, 2014).

A partnership is the relation which exists between persons carrying on a business in common with a view of profit.

A partnership is the relationship between persons who carry on a business together in common with the view of making a profit.

Discuss this statement and, using both case law and legal principles, comment on the essential elements of a valid contract and the importance of each.