Project 2: Binding Contracts

Project 2: Binding Contracts

 

Question 1:

The binding contracts are the written agreement amongst the two or more entities or individuals which is enforced by the law. Such contracts are called binding because if one of the party fails to fulfill their part as written in the contract, penalties will be imposed on them by the court (Young, 2010). Many consider the contract as the private legal duty creations as it is an exchange of promises created by two parties or individuals which is enforced by the law. Both the parties must legally and willingly enter the contract which ...