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CONTRACT LAW

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › CONTRACT LAW

  • This topic has 2 replies, 3 voices, and was last updated 1 year ago by Vijay.
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  • July 17, 2021 at 1:00 pm #628037
    Rhodlyn
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    What does it mean by something is legally binding

    July 22, 2021 at 8:08 pm #629149
    lokeshdh00
    Participant
    • Topics: 111
    • Replies: 106
    • ☆☆☆

    Legally binding means Something is binding legally ( In eyes of court ) . And If It is opposed or performance not undertaken in accordance with it. You can resort to court.

    For example, A contract is always legally binding. And If either party seller or buyer doesn’t perform their part of contract (i.e buyer doesn’t accept goods ordered) also called breach of contract. Then The injured party may resort to court for compensation.

    August 2, 2021 at 11:36 pm #630188
    Vijay
    Member
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    If something is legally binding, then the courts can intervene and compel the parties to perform the contract ie force the parties to perform their obligations.

    I hope this helps clarify 🙂

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