What Is A Condition That Must Be Met Before A Contract Is Enforceable? The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute. What
What Is Nature Of Obligation? A “natural obligation” may be defined as an obligation that does not. give rise to an action to enforce it, but that does have some cognizable legal. effects. Natural obligations provide an odd instance where a creditor does have. a right without a remedy, or at least the traditional remedy.
What Are Contractual Obligations In Accounting? Contractual obligations are obligations of a government to others that will become liabilities in the future when the terms of those contracts or agreements are met. What are the contractual obligations? Contractual obligations are those duties that both employers and employees are legally responsible for in a contract agreement.