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A voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement is known as __________

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in Civil Engineering Drawing by (128k points)
A voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement is known as __________

(a) job

(b) loan

(c) contract

(d) mutual fund

I have been asked this question in unit test.

The doubt is from Contract System in chapter P.W.D of Civil Engineering Drawing

1 Answer

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The correct option is (c) contract

For explanation: A contract arises when the parties agree that there is an agreement. Formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound. Each party to a contract must have capacity to enter the agreement. Minors, intoxicated persons, and those under a mental affliction may have insufficient capacity to enter a contract. Some types of contracts may require formalities, such as a memorialization in writing.

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