An agreement enforceable by law is a binding contract that legally obligates two or more parties to fulfill specific obligations. Understanding the meaning of this term is important for anyone engaging in business transactions or entering into contracts.

In general terms, an agreement is enforceable by law if it meets the following criteria:

1. Offer and Acceptance: There must be a clear offer made by one party and an unequivocal acceptance by another party.

2. Mutual Consideration: The agreement must involve a mutual exchange of consideration, meaning both parties must provide something of value.

3. Intention to Create Legal Relations: Both parties must have the intention to create a legally binding agreement.

4. Capacity to Contract: The parties must have the legal capacity to enter into a contract, including being of legal age and of sound mind.

5. Compliance with Formalities: The agreement must comply with any formalities required by law, such as being in writing or signed by the parties.

Once these criteria are met, the agreement becomes legally binding, and both parties are obligated to fulfill their obligations as outlined in the contract. If either party fails to fulfill their obligations, the other party has the right to take legal action to enforce the contract.

It’s essential to note that not all agreements are enforceable by law. For example, an agreement to commit a crime or engage in illegal activities is not legally binding and cannot be enforced. Similarly, an agreement that violates public policy, such as an agreement to pay someone to commit a crime, is unenforceable.

In conclusion, an agreement enforceable by law means that both parties have entered into a legally binding contract, and failure to fulfill obligations can result in legal action. It`s crucial to understand the criteria that must be met for an agreement to be enforceable by law and ensure that all agreements comply with these requirements.