Agreements
An agreement is a term that refers to a mutual understanding or arrangement between two or more parties. An agreement can be about anything, such as the terms of a contract, the rules of a game, the price of a product, or the conditions of a service. An agreement can be written or oral, formal or informal, legally binding or not.
Some of the common types of agreements are :
- Valid Agreement: An agreement that is enforceable by law and creates a contract between the parties. A valid agreement must have a valid consideration, competent parties, free consent, and a lawful object.
- Void Agreement: An agreement that is not enforceable by law and has no legal effect. A void agreement may be due to the absence of any essential element of a valid agreement, or because it is against the public policy or morality.
- Express Agreement: An agreement that is made by the words spoken or written by the parties. An express agreement is clear and explicit, and leaves no room for doubt or inference.
- Voidable Agreement: An agreement that is enforceable by law at the option of one or more parties, but not at the option of the other or others. A voidable agreement may be due to the presence of any flaw in the consent of the parties, such as coercion, fraud, misrepresentation, or mistake.
- Implied Agreement: An agreement that is made by the conduct or actions of the parties, rather than by their words. An implied agreement is inferred from the circumstances or the relationship of the parties.
- Illegal Agreement: An agreement that is forbidden by law and is punishable as a crime or a tort. An illegal agreement may be due to the unlawful object, unlawful consideration, or unlawful mode of performance.
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