Question
Essential Elements of a Valid Contract
Answer :
Word Count : 827
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Skip in 10
On analysing the contents of Sec. 10. It is revealed that the following are the essentials of a valid contract:-
1. Offer and acceptance.
2. Legal relationship.
3. Consensus-ad-idem.
4. Competency of parties.
5. Free consent.
6. Lawful consideration.
7. Lawful object.
8. Not declared to be void.
9. Certainty and possibility of performance.
10. Legal formalities.
1. Offer and acceptance:
In a contract there must be at least two parties one of them making the offer and the other accepting it. There must thus be an offer by one party and its acceptance by the other. The offer when accepted becomes agreement.
2. Legal relationship:
Parties to a contract must intend to constitute legal relationship. It arises when the parties know that if any one of them fails to fulfil his part of the promise, he would be liable for the failure of the contract.
If there is no intention to create legal relationship, there is no contract between parties. Agreements of a social or domestic nature which do not contemplate a legal relationship are not contracts.
3. Consensus-ad-idem:
The parties to an agreement must have the mutual consent i.e. they must agree upon the same thing
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