Promise And Agreement Difference

The contract is an agreement between two or more people who create rights and obligations between them and the… Let`s say John tells Doris that he`s going to pay her $3000 to take care of her children for the summer. Doris cancels her less lucrative summer business in favor of John`s offer, but at the last minute, John accepts a foreign exchange student who will do the work for free. Doris may be able to obtain damages from John for the loss of income she suffered on the basis of her promise. As a California entrepreneur, you probably already know that a contract can be applicable even if it is not written, but if you make a thoughtless or ill-thought-out statement or promise, could you enter into a contract without knowing it? Section 2 (a) of the Indian Contract Act,1872 defines a proposal or offer as a situation in which a person expresses an intention to do or refrain from doing something to another person, taking into account the fact that the person will seek approval for such a proposal. In addition, letter 2 (b) grants the parties concerned the status of “promisor” and “promise” as soon as the offer is accepted and matures into a “promise.” This adoption of the proposal is communicated by the promise made to the bidder, so that the agreement becomes legally binding. Here, the word “communication” has a sui generis character of the definition by its completion. If such an offer is accepted, it must be communicated by the person to whom the offer is submitted by the supplier, such communication must be made in a regulatory format available to both parties. In the case of Felthouse v Bindley (1862).

it was indicated that notification of acceptance or revocation of an offer must be clearly communicated. An agreement whose notification of adoption is not vague cannot be concluded for the sole pleasure of a party. For example, if you have hired an employee who lives in alastic industry and the employee sells his car because he assumes that he would provide transportation to and from work, it does not constitute a breach of contract if you have never offered such a contract. On the other hand, if you have offered orally to compensate an employee when hiring for gas or mileage, and she has accepted it, she has reason to take action in the event of a breach of contract if you do not keep your promise.