A ruler is one of the most common measuring instruments. It comes in many sizes and shapes, depending on what it is needed for. The yardstick is a long ruler (3 feet long), and a measuring tape is yet another type of ruler, made of...
To be a binding contract, there must also be an offer and acceptance that involves the exchange of promises to act and/or provide goods, services or money. The act, promises, goods, services and/or money are called âconsideration.â In order to have a binding, enforceable contract, there must be consideration.
Top 10 facts about the world. A binding contract is a written agreement between two individuals or entities that will be enforced by the power of the law. The contract is thus considered binding because if one party fails to live up to his obligations as set forth in the document, the court will impose penalties.Some refer to a contract as the creation of a private legal duty, because two parties create a legally enforceable exchange of promises.he contract is considered binding because there are penalties for not fulfilling the obligations set forth within the document. If one party fails to do what he promised in a legally valid, enforceable contract, the other party can take him to court and sue him for breach.