An agreement enforceable by law is a legally binding contract between two or more parties that outlines the terms and conditions of their agreement. Such an agreement can be formed between individuals, businesses, or even governments, and it`s essential to understand the legal implications of such agreements.
The term used to refer to such an agreement is „legally binding.“ This means that the agreement is not just a handshake or verbal agreement between parties, but instead it has been put into writing and signed by all parties involved. Once an agreement is deemed legally binding, it means that all parties must adhere to the terms and conditions listed within the contract.
In order for an agreement to be legally binding, there are several requirements that must be met. Firstly, it must be a lawful agreement, meaning that the terms and conditions of the contract cannot be illegal or against public policy. Secondly, there must be consideration, which is an exchange of something of value between the parties involved. This can be in the form of money, goods, or services. Finally, there must be an intention to create legal relations between the parties involved. In other words, there must be an understanding that if one party fails to uphold their end of the agreement, legal action can be taken.
Once an agreement is deemed legally binding, it can only be altered or terminated through legal means. If one party wishes to alter the terms of the agreement, they must seek the consent of all other parties involved. If a party wishes to terminate the agreement, they must do so in accordance with the terms outlined in the contract.
In conclusion, an agreement enforceable by law is a legally binding contract between two or more parties that outlines the terms and conditions of their agreement. It`s important to understand the legal implications of such agreements, as they are binding and cannot be altered or terminated without proper legal action. If you are entering into a legally binding agreement, it`s always best to seek legal advice to ensure that all terms and conditions are fair and enforceable.