Question

A contract is:

• A. An agreement between two persons for doing any type of act
• B. An agreement between two competent persons for doing a lawful act enforceable by law
• C. An agreement for doing any act, backed by consideration
• D. An agreement between two persons, supported by consideration or not

Hint:

For an agreement to be a contract, it must be legally enforceable, involve competent parties, and have a lawful objective.

Answer 1

The Correct Option is B

A contract is a legally enforceable agreement between two competent persons for doing a lawful act. The agreement must be supported by consideration.