An agreement that is enforceable in law is called?

Assessment: WAEC SSCE - Commerce - 1996 (Objective) Subject: Commerce

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An agreement that is enforceable in law is called?
Answer Details
An agreement that is enforceable in law is called a contract. A contract is a legally binding agreement between two or more parties that creates an obligation to do or not do something. It involves an offer, an acceptance, consideration, and an intention to create legal relations. Once the parties have entered into a contract, they are bound by its terms and can be held liable for any breach of those terms. A contract can be either written or oral, as long as it meets the legal requirements for formation.
Read lesson note on Legal Aspects Of Business (JAMB)
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