Agreement 1. Introduction An agreement is a mutual understanding between two or more parties regarding their rights and obligations. It is the foundation of a contract and is formed when one party makes an offer and the other accepts it. 📌 Definition : According to Section 2(e) of the Indian Contract Act, 1872 , an agreement is “every promise and every set of promises forming the consideration for each other.” 📌 Abbreviation & Meaning : Agreement (Agrmt.) : A negotiated and legally recognized understanding between parties. Contract vs. Agreement : Every contract is an agreement, but not all agreements are contracts. A contract becomes legally enforceable, whereas an agreement may or may not have legal binding. 2. Explanation For an agreement to be valid, it must include: ✅ Offer and Acceptance – One party must make an offer, and the other must accept it. ✅ Consideration – Something of value must be exchanged. ✅ Mutual Consent...
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