b) The provisions of this agreement must not be contrary to existing agreements between the parties and the third party. In general, the parties enter into a contract when a party`s offer to do something in exchange for something else of value (or not) is accepted by the other party either expressly or implicitly. Most of the time, contracts involve exchanging promises, z.B.: “I promise to play for you if you promise to pay me Rs. One lakh.” The terms of the contract (i.e. who, what, where, when and how the agreement) define the commitments each party has made to the other. In the recent case of Ashapura Mine-Chem Ltd v. Gujarat Mineral Development Corporation, the Indian Supreme Court considered the separation and survival of a compromise clause contained in a Memorandum of Understanding (Memorandum of Understanding). The Supreme Court found that the arbitration agreement was valid in the protocol because it is a stand-alone agreement independent of its underlying contract. The Supreme Court relied on several cases, including Reva Electric Car Co.
Pvt Ltd. v. Green Mobil 2002 (2) SCC 93 and Today Homes and Infrastructure Pvt. Ltd. v. Ludhiana Improvement Trust 2014 (5) CSC 68 and Enercon/Enercon 2014 (5) CSC 1 concluded that the dispute between the parties, in addition to the fundamental nature of the presumption of dissociation, related to the relationship established by the MoU and would therefore bind the parties to the arbitration agreement contained in it. The main differences between an agreement and a Memorandum of Understanding were discussed above, after which it would be easier to choose between these two terms. Under Section 10 of the Indian Contract Act of 1872, all agreements are contracts if all agreements are entered into by the: The parties will endeavour in good faith to resolve any dispute or claim arising from or relating to that agreement through negotiations between a director of each of the contracting parties entitled to settle the dispute in question.
If the dispute cannot be settled out of court within fourteen (14) days of the date on which one of the parties was informed in writing of the other dispute, the other provisions of this clause apply. A contract is a legally enforceable agreement between two or more parties with reciprocal obligations. The Indian Treaty Act 1872, Section 2 (h) defines the contract as a legally enforceable agreement, since the formation of a contract must be concluded and the agreement must be legally applicable. 1. There must be a “legitimate offer” and a “legitimate acceptance” of the offer, which leads to an agreement. A Memorandum of Understanding is called a written legal document outlining the principles of an agreement between the parties or more that form a bilateral or multilateral agreement, duly signed by the parties.