In this video, I explain that a contract is a legally binding agreement. I explain that a legally binding agreement is one which is legally enforceable.
Two scenarios are included in the video. I explain that the first scenario is an example of an agreement that is not legally binding - not a contract. However, the second scenario is a legally binding agreement because it has the elements needed for an agreement to be recognised as legally binding in English law. Those elements are a legally binding offer, acceptance, consideration and intention to create legal relations.
What to watch next:
Contract law- What are the elements of a legally binding agreement?[ Ссылка ]
A playlist which includes different videos which explain different concepts in Contract law
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