2 Difference between the agreement and the definition of the contract: – Any commitment and any set of promises that refer to each other is an agreement. A legally applicable agreement is a contract. Establishment: – An agreement is established by accepting an offer. On the other hand, we need this agreement, which is legally applicable. Legal rights and obligations: – An agreement must not create legal rights and obligations for the parties. But a contract always creates legal rights and obligations between the parties. pooja sharma 6 IMPLIED CONTRACT: – The contract implied is a contract that is done other than by words or writings. It is the result of a person`s behaviour or the circumstances of the case. For example: – A transport company operates buses on different routes to transport passengers. It`s an unspoken offer from Transport Company.
S takes a bus. This is a tacit acceptance by X. Now there is an unspoken contract and X is obliged to pay the prescribed rate. pooja sharma 8 PARTLY EXECUTED AND PARTLY EXECUTORY CONTRACT: – This is a contract in which both parties still have to fulfil their respective obligations. Example: – X offers to sell his car to Y for 1,000 Rs. Y accepts the offer of X. If the car has not yet been delivered by X and the price has not yet been paid by Y, it is a contract of execution. PARTLY EXECUTED AND PARTLY EXECUTORY CONTRACT: – This is a contract by which one party has fulfilled its obligations and the other party has yet to fulfil its obligations. Example: – X offers to sell his car to Y for 1,00,000 Rs for a month. Y accepts the offer of X. X delivers the car to Y. Here, the contract is executed with respect to X and Execution with respect to Y.
pooja sharma 12 Difference between the Void agreement and the illegal agreement Definition – An agreement that is not applicable by law is void. On the other hand, an agreement that is expressly or tacitly prohibited by law is illegal. Scope – Not all zero agreements should be illegal agreements, but all illegal agreements are purely null and void. Collateral effect agreement – the agreement is sure the cancelled agreement is not necessarily cancelled. On the other hand, the agreement is still null and forth on the guarantees of an illegal agreement. Restoration of services received – If a contract is subsequently cancelled, the benefit received must be reinstated to the other party.