However, if the part of the consideration or purpose of the contract is legal and the two parties are separated from each other, that part of an agreement is valid. The proposal to which the offer is submitted means its agreement, it is acceptance. Similarly, the agreement in which the consideration or object is fraud is illegal. 1. Agreement between the parties: to enter into a valid contract, there should be an agreement between the parties. So there should be an offer on one side and acceptance on the other. An offer is made to get the agreement of the other party, so that if a statement is made to get the agreement of the other party, it would not be an offer. An offer should be made with the intention of creating a legal creation, so that the husband`s promise to pay for his wife`s alimony for the time she had to live separately was not kept in the form of a contract. However, if there is a general offer and the party acts under the terms of the offer, this would constitute the valid contract since the person acting in accordance with the offer is aware of such an offer. Some agreements may be legally applicable, others may not. An error is a misunderstanding of one or more contractors and can be cited as a reason for cancelling the agreement. The common law has identified three types of errors in the Treaty: frequent errors, reciprocal errors and unilateral errors.
Joint Venture – an agreement between two or more independent companies in a company where they share the costs, management, profits or benefits of the business. A treaty is an agreement applicable by law, in which any promise and series of promises that constitute the mutual consideration is an agreement. Contract law is the most important part of commercial law, since each commercial transaction is an agreement between or more people. The objectives of contract law are to introduce clarity into commercial and other transactions. 5. The agreement should not be explicitly cancelled: there are certain agreements that are expressly cancelled.