An agreement enforceable by law is a contract that is formed between two or more parties. It is a legal document that outlines the terms and conditions that the parties have agreed to abide by. However, not all contracts are valid and enforceable. There are certain conditions that must be met for a contract to be legally binding. One such condition is that the consideration for the contract must be lawful.
Consideration is the exchange of something of value between the parties to a contract. It can be money, goods, services, or even a promise to do something. For a contract to be valid, the consideration must be lawful. This means that it cannot involve anything that goes against the law or public policy. If the consideration is illegal or immoral, the contract becomes void and unenforceable.
For example, if two parties enter into a contract where one party agrees to sell illegal drugs to the other, the contract is considered void. This is because the consideration is unlawful and goes against public policy. Similarly, if a contract requires a person to perform an illegal act, such as breaking into a building, the contract is considered void.
It is important for both parties to a contract to ensure that the consideration is lawful. If the contract is found to be void due to unlawful consideration, it can lead to legal consequences. It is important to seek legal advice before entering into any contract to ensure that it is legally binding and enforceable.
In summary, an agreement enforceable by law is a contract that is formed when two or more parties agree to the terms and conditions outlined in the document. However, for a contract to be valid, the consideration must be lawful. If the consideration is unlawful, the contract becomes void and unenforceable. It is essential to seek legal advice before entering into any contract to ensure that it complies with the law and is legally binding.