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To be enforceable contract for a sale of goods priced at $500 or more must designate the buyer, seller, terms of payment, and price.
This statement is False.
The rules for creating a legally binding contract are laid out in the Indian Contract Act, 1872. Anywhere there is an agreement or a contract, it is significant. According to Section 2(h) of the Contract Act, a "Contract" is "An arrangement enforceable by law." This concept contains two essential components: agreement and legal enforcement.
Every promise or group of promises that serve as consideration for one another constitute an agreement. The Contract is enforceable by law when these promises are recognised as lawful by a court of law and the parties to the Contract are liable for keeping their commitments.A pledge or commitment made by one party to another is referred to as an agreement. It also involves an offer that one party makes and the other party accepts. Simply put, when an offer is made by one party and accepted by another, an agreement is created. There are two or more parties involved. Only when all the conditions are met does it turn into an agreement. There must be thought given to this.
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