The vendor and vendee in respect of two properties entered into a gentlemen’s agreement that the vendee would recover the property sold to the vendors if within a period of three years the consideration money along with some money solatium is paid. The contract is a
1
Valid contract unless it yields legal obligations
2
Void contract as it does not yield legal obligations
3
Voidable contract at the option of the party
4
Social contract as it yields moral obligations