What is an Agreement?
Introduction
The Act of returning to a mutual arrangement by 2 or additional persons inhume a se on a discount, contract, stipulation, etc.
Definition
When one person signifies to a different his temperament to try to or to abstain from doing something, with a read to getting the assent of that different to such act or abstains, he's the same to form a proposal.
Parties to agreement
There are 2 parties to creating an Agreement
1. Promiser:
The person creating the proposal is named the promiser
2. Promise:
The person who acceptive the proposal has named the promise
When the proposal became a promise
When the person to whom the proposal is created signifies his assent to that, the proposal is claimed to be accepted. A proposal, once accepted becomes a promise.
Definition of AN agreement
Every promise and each set of promises, forming the thought for every different, is AN agreement.
Reciprocal Promise
Promise that form the thought or a part of thought for every difference are referred to as reciprocal guarantees.
Void agreement
An agreement not enforceable by law is claimed to be void.
An agreement that is enforceable by law at the choice of 1 or additional of the parties to that, however not at the choice of different or others, i.e. a rescindable contract. A contract that ceases to be enforceable by law becomes void once it ceases to be enforceable.
Different types of agreement are as follows:
1. Agreement to Sell a House
2. Agreement to let a House
3. Agreement for Building a House
4. Agreement between Master and employee
5. Agreement with Agent for Procuring a customer
6. Agreement purchasable of equipment, piece of furniture, and Effects
7. rent contract
8. Agreement to labor under Arbitration
9. Separation Agreement between Husband and woman
10. Agreement between Publisher & Author
11. Agreement for Partition
12. Agreement for Agency to Sell merchandise
13. Agreement to revoke a Contract
Format of Agreement
Agreement to Sell a House
AN AGREEMENT created the---day of ----. 20----, between --------, son of---------, residence---------- (hereinafter referred to as “the vendor”) of 1 half and ------------ son of --------------, cast, residence-------- (hereinafter referred to as “the purchaser”) of the opposite half.
WHEREBY it's united as follows:
1. the seller can sell and therefore the customer can get all that's contained in premises house------------------- with all the rights happiness or accessory to that.
2. The sale is free from encumbrances.
3. the worth is ---------, of that has been paid using earnest money to the seller (the receipt of that add the seller herewith acknowledges) and therefore the balance shall be paid at the time of execution of the sale-deed.
4. The title of the seller as the absolute owner shall be accepted by the customer with no additional investigation. however, the seller shall be chargeable for any miss-statement or fallacious falsehood on his half concerning his title to the property.
5. The property is believed and shall be taken to be properly represented and soil subject to all or any outgoing easements restriction and rights poignant identical and if any error, miss-statement or omission shall be discovered identical shall not annul identical nor shall any compensation be allowed in respect thence.
6. the seller can reserve to himself a right of means for his adjacent house for all functions over the property united to be oversubscribed between the points marked A&B on the arrange hooked up hereby.
7. the acquisition shall be completed before the ------- day of -----, -------, by the customer paying the balance of the worth and therefore the marketer executing the sale deed.
8. All expenses for the preparation of the sale deed and therefore the value of stamp and registration charges shall be borne by the customer.
9. If the purchase shall not be completed on or before the date fastened, from any default of the accusation the customer shall pay interest on the unpaid balance of the worth at Rs. --- p.c per mensem up to the date of completion of sale.
10. If the customer shall fail to adjust to the terms and conditions of this agreement his earnest money is forfeit and therefore the marketer is at liberty to re-sell the property and recover the deficiency in worth and expenses of re-sale from the customer. If the seller commits default in any of the conditions said higher then he shall be at risk of pay an additional Rs.--- as damages besides refunding the earnest money already accomplished by him.
IN WITNESS whereof the parties hereto have set they're individually signed to the current deed on the day and year initial above-written.
Vendor
Witness---
1. -----
2. ------