Q.What do you mean by Agreement ?
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Start your 14-day free trial to unlock the full solution →Under Section 2(e) of the Indian Contract Act, 1872, an agreement is every promise and set of promises forming the consideration for each other; it results when an offer is accepted.
Meaning of Agreement
Agreement is a basic element of contract in the TN HSC Class-11 Commerce syllabus.
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As per Section 2(e) of the Indian Contract Act, 1872: "Every promise and every set of promises forming the consideration for each other is an agreement."
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A promise arises when a proposal (offer) is accepted [Section 2(b)]. Therefore:
Agreement = Offer + Acceptance
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For an agreement to exist, there must be at least two parties, an offer by one and its acceptance by the other, and the parties must intend the same thing in the same sense (consensus ad idem). …
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