An «otherwise enforceable agreement» refers to a legally binding contract that can be enforced by a court of law. It is a term used in legal circles to describe an agreement between two parties that is not necessarily in writing, but is still considered legally binding. There are several elements that must be present for an agreement to be considered otherwise enforceable.
Firstly, there must be an offer. This is a proposal made by one party to another, indicating a willingness to enter into an agreement. The offer must be specific and clear, outlining the terms of the agreement.
Secondly, there must be an acceptance of the offer. This occurs when the other party agrees to the specific terms outlined in the offer. The acceptance must be clear and unequivocal, indicating that the party agrees to all the terms and conditions of the agreement.
Thirdly, there must be consideration. This refers to something of value that is exchanged between the parties as part of the agreement. Consideration may be money, goods, or services, and it must be of roughly equal value to both parties.
Finally, the agreement must be legal and not contra bonos mores. This means that the agreement must not be against public policy, morality, or good conduct. An agreement that violates the law or goes against accepted social norms is not considered legally binding.
Once all these elements are present, the agreement becomes legally binding and enforceable. This means that if one party breaches the terms of the agreement, the other party may take legal action to enforce the agreement or seek compensation for the breach.
In summary, an otherwise enforceable agreement is a legally binding contract that is not necessarily in writing, but still meets all the necessary requirements for enforceability. It is important to ensure that all elements of the agreement are present and that the agreement is legal and not against public policy or good conduct. By maintaining these standards, parties can enter into agreements with confidence, knowing that they are legally binding and enforceable.