Agreement Which Is Enforceable by Law Is Called

Agreement which is enforceable by law is called a contract. In legal terms, a contract is a legally binding agreement between two or more parties. It is a promise made by one party to another, which the law recognizes as a legal obligation.

To be considered a valid contract, there are certain requirements that must be met. These include an offer from one party, an acceptance from the other party, and consideration or something of value exchanged between the two parties.

A contract can be written or verbal, and it can be formal or informal. However, it is always best to have a written contract as it provides evidence of the agreement and can be referred to if a dispute arises.

One of the key benefits of having a contract is that it provides a degree of predictability and stability for both parties. It outlines the terms and conditions of the arrangement, and it can be used to resolve disputes if they arise.

Contracts are commonly used in business transactions, employment agreements, and real estate deals. They provide a legally binding framework for the parties involved and help to ensure that everyone understands their rights and obligations.

If a party fails to fulfill their obligations under a contract, the other party can take legal action to enforce the contract. This may involve going to court to seek damages or specific performance of the agreement.

In conclusion, a contract is a legally binding agreement between two or more parties. It provides a framework for the arrangement, outlines the terms and conditions, and can be used to enforce obligations. If you are entering into an agreement, it is always a good idea to ensure that you have a valid and enforceable contract in place.