An Agreement is Enforceable by Law is Called a Contract
When two or more parties come to an agreement, it is often referred to as a contract. A contract is a legally binding agreement that outlines the terms and conditions of a transaction or relationship between parties, and can be used as evidence in court should a dispute arise.
In order for a contract to be legally enforceable, it must meet certain requirements. Firstly, all parties involved must have the legal capacity to enter into the agreement. This means that they must be of legal age, mentally sound, and not under duress or coercion from another party.
Additionally, the terms of the contract must be clear and unambiguous. The contract should clearly outline the obligations and responsibilities of each party, as well as any conditions or deadlines that must be met.
Lastly, there must be consideration involved, which is a legal term for something of value that each party is giving up or receiving in exchange for the agreement. This can be anything from money to services or goods.
Once these requirements are met, the contract is legally enforceable, meaning that if one party fails to fulfill their obligations as outlined in the agreement, the other party has legal recourse to seek damages or enforcement of the contract.
It is important to note that not all agreements are considered contracts. Verbal agreements, for instance, may be binding in certain circumstances, but they are often difficult to prove in court. It is always best to have a written contract to ensure that both parties understand and agree to the terms of the agreement.
In summary, an agreement is enforceable by law is called a contract, and in order for a contract to be legally binding, it must meet certain requirements, including legal capacity, clear terms, and consideration. As a professional, it is important to understand the legal implications of language used in contracts and to ensure that contracts are written clearly and accurately to avoid legal disputes.