Define: Bargain

A bargain refers to a mutual agreement or contract between two parties where they agree to exchange goods, services, or property at a lower price or under favorable terms.

Yes, a bargain is legally binding as long as it meets the essential elements of a contract, including offer, acceptance, consideration, and intention to create legal relations.

In general, once a bargain is made and accepted, it cannot be unilaterally revoked or canceled without the consent of both parties. However, certain circumstances, such as fraud or mistake, may provide grounds for cancellation or rescission.

Yes, a bargain made orally can be legally enforceable. However, it may be challenging to prove the terms of the agreement without written evidence, which can lead to disputes.

Yes, a bargain can be considered illegal if it involves illegal activities, such as the sale of prohibited substances or engaging in fraudulent practices. Illegal bargains are not enforceable by law.

Yes, a bargain can be modified after it is made, but any modifications should be agreed upon by both parties and supported by fresh consideration. It is advisable to document any modifications in writing to avoid future disputes.

Yes, a bargain can be terminated before completion if both parties mutually agree to terminate the contract or if certain conditions specified in the contract are met. However, terminating a bargain unilaterally without proper justification may result in legal consequences.

If one party fails to fulfill their obligations as per the terms of the bargain, the other party may seek legal remedies, such as specific performance or damages, to enforce the contract or seek compensation for any losses suffered.

In some cases, a bargain can be assigned to a third party if the original contract allows for assignment or if both parties agree to the assignment. However, certain contracts, such as personal service contracts, may not be assignable.

A change in circumstances alone is generally not sufficient to cancel a bargain. However, if the change is significant and unforeseeable, it may be possible to seek relief through legal doctrines like frustration of purpose or force majeure, depending on the jurisdiction and the specific circumstances.