WHAT IS CONTRACT? EXPLAIN THE ESSENTIALS OF AVALID CONTACT.
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Answer Posted / rachana
A contract is an agreement enforceable by law.
Essentials of a valid contract: All agreements are
contracts if they are-
1. Made by competent parties i.e by persons who are not
minors (not below 18 yrs of age), who are of sound mind.
2. Made by free consent. A consent is said to be free if it
is not caused by coersion, undue influence, fraud,
misrepresentation or mistake.
3. Made for lawful object and consideration. The object and
consideration of the agreement is unlawful if:-
a. it is forbidden by law
b. it is of such a nature that if permitted would defeat
the provisions of any law.
c. the court regards it immoral.
d. the court regards it oppose to the public policy.
4. Not expressely forbidden by law.
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