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`10. All agreements shall be contractual if they are concluded by the free consent of the contracting parties against legitimate consideration and with legitimate property and are not expressly annulled herein.` If the agreement is concluded not to work throughout one`s life in exchange for new housing, it is not considered a valid contract since it applies to trade. “A contract consists of a promise or an achievable promise. Any such promise consists of two parts, a promiser and a promise, an expression of common intention and expectation in the promised action or indulgence. Introduction 1a. Different types of business agreements A business agreement is a formal written document or verbal promise between two or more parties describing a particular business plan. A typical business agreement defines details such as the cost of goods sold, the product or service required, milestones, insurance, and deadlines for completion of the work. Unilateral agreement A unilateral agreement or unilateral treaty is a legally binding agreement in which a party keeps a promise without insuring. Therefore, in accordance with section 10 of the Act, the following conditions must be essential to become valid: – “Nothing in this Treaty shall affect any law in force in India and not expressly repealed, under which a contract must be concluded in writing or in the presence of witnesses, or a law relating to the recording of documents”. FAMILY LAW: – Family law is not contractual as in the case of: Balfour v / s Balfour: – In this case, the accused, employed in the government, went to work in Ceylon with his wife for love in England.

For health reasons, the woman was unable to return to Ceylon. The husband promised to pay his wife 30 ponds a month for the period she had to live for. The husband did not pay this amount. The woman filed a complaint against her husband for the money. The court decided that this agreement was not enforceable by law. Misrepresentation: Mr. Lal was willing to buy a car from Mr. Peela. When he bought the car, he asked Mr.

Peela the color of the car and said he wanted a pearl gray car. . . .