Question
What is Contract? What are the essential conditions for a valid contract?
Answer :
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A contract is basically an agreement between two parties creating a legal obligation for both of them to perform specific acts. Each party is legally bound to perform the specified duties such as rendering a payment or delivering goods.
In order for the contract to be enforceable, each party must exchange something of value (called “consideration”).
A contract may be used for various transactions, including the sale of land
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