8. ………….. is a unilateral contract in which only one party must fulfill its promise or obligation. (a) Invalid Contract With this general overview of material conditions, you contact a lawyer to ensure that your next contract is legally enforceable and consistent with your original intentions. 29. A contract concluded without the free consent of the parties is …….. (a) Valid (b) Illegal (c) Voidable (d) Invalid ab- initio However, in certain circumstances, certain commitments that are not considered contracts may be performed to a limited extent. If a party has relied to its detriment on the statements or promises of the other party, the court may apply a reasonable doctrine of debt relief to award the non-infringing party damage to the non-infringing party in order to compensate the party for the amount incurred as a result of the party`s reasonable reliance on the agreement. Whatever consideration is provided under a contract, it must be clearly agreed by both parties or it must be clearly implied in the terms of the contract. When an agent sells an insurance policy, he sells a contract.
A contract is a legally enforceable agreement. For such an agreement to be legally enforceable, it must meet the following minimum requirements: In addition, the nature and general content of certain policies are established by law. Most states require certain provisions to be included in life and health insurance contracts. While some contracts may be oral, insurance contracts – for the most part – must be written and meet the requirements of the states in which they are sold. Contracts can be oral or writtenA contract is intended to formalize an agreement between two or more parties. For example, promises that are pure gifts are not considered enforceable because the personal satisfaction that the giver of the promise can receive through the act of generosity is generally not considered a sufficient disadvantage to warrant reasonable consideration. 2) According to the quid pro quo theory, there is reasonable consideration when a celebrity makes a promise in exchange for something else. .