Question

Promise made by individuals, groups, or countries to uphold rule or principal. It is legally binding on the signatories to the agreement or statement . What is this known as ???

Answer 1

This is known as Consideration it means something in return.

It is a promise which is made by two or more parties.

The contract is meant to be legal as both the parties accept the terms and conditions of the contract by signature on the agreement.

If the contract does not follow the terms it can be sued in the court of the law and the debased party can claim for the losses in occurred.

Answer 2

answer
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Promise made by individuals, groups, or countries to uphold rule or principal. It is legally binding on the signatories to the agreement or statement . What is this known as CONSIDERATION.