Offer

An offer is a precise proposal to enter into an agreement with another. An offer is essential to the
formation of an enforceable contract

Acceptance
Acceptance occurs when an offer become acceptable by mutual consent and consideration

Agreement
An agreement is made when two people reach an understanding about a particular issue,
including their obligations, duties and rights.
Ordinance
Ordinance is a rule or law enacted by local government

Proposal
An offer for consideration or acceptance. It is a general rule that a proposal offered to another for
acceptance may be withdrawn at any time before it is accepted, provided that notice of the
withdrawal be given to the party to whom it was made.
Promise
A declaration, verbal or written, made by one person to another for a good or valuable
consideration

Contract
A contract is an agreement between two or more parties to perform certain function and contract
is enforceable at law

Bankruptcy
A federally sanctioned practice in which a debtor an individual or corporation is released of his
total liability for its loans by judicial arrangement for their partial payments.
Insolvent
Insolvent is and individual or organization which is unable to pay their debts

Liquidation
The selling of assets of a business as part of process of dissolving the business for fullfilling the
liabilities
Act
A draft piece of legislation is called a bill, when this is passed by Parliament it becomes
an Act and part of statute law.

Rules
An established or prescribed standard for action, authoritative principal, the general norm for
conduct in a specific kind of situation.

Regulations
A principle, rule, or law designed to control or govern conduct. A governmental order which is
enforceable at law

Damages
Damage is defined as a loss or harm resulting from injury to a person, property or reputation.

Deed
A deed is any legal instrument in writing which passes, affirms or have equal interests of all
parties in contract

Lease
A contract in which one party has ownership of a property and other party have temporary
possession, in exchange rent is paid to owner party.

Vendor
The term vendor is most often used to refer to a transaction involving real property, as opposed
to personal property.

Breach of contract
Failing to perform any term of a contract, written or oral, without a genuine legal justification.

Arbitration
A process through which two or more parties use an arbitrator in order to resolve a dispute
Submitted to
Sir Saleem
Submitted by
Naseem Ashraf
FA14-MBA-11