Asked by
JUVEN LOGAGAY
on Nov 27, 2024
Verified
A preliminary agreement can constitute a binding contract if the parties have agreed on all essential terms.
Binding Contract
A legal agreement between parties that is enforceable by law, where each party is obliged to fulfill their promises or face legal consequences.
Preliminary Agreement
An initial agreement that outlines the basic terms and conditions under which a final deal will be conducted, often used in real estate transactions and business deals.
Essential Terms
Critical conditions or clauses within a contract that define the agreement's fundamental obligations.
- Understand the concepts and requirements that constitute a binding contract.
Verified Answer
FM
Learning Objectives
- Understand the concepts and requirements that constitute a binding contract.