Essential Elements of a Valid Contract
The following are the essential elements of a Contrac
Agreement - Offer and Acceptance
The parties to the contract should have a mutual understand regarding the subject-matter of the contract. There must be a "lawful offer" and "lawful acceptance" thus resulting in an agreement. The parties must have agreed to the subject-matter in the same sense.
Legal purpose
There must be an intention among the parties that the agreement should be attended to by legal consequences and create legal obligation. Agreements of social or domestic nature do not contemplate legal relations.
Related Case Laws
Balfour vs. Balfour (1919) Lawful Consideration
Consideration means 'something in return'. In every legal contract, there must be something in return. An agreement is legally capable to be enforced only when each of the parties to it gives something and gets something. The consideration should not be unlawful, illegal, immoral or opposed to public policy.
Capacity to contract
Every person who enters into a contract must be competent. In other words, the person should be of the age of majority, should have a sound mind, and must not be disqualified from any law
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