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WHAT IS CONTRACT? EXPLAIN THE ESSENTIALS OF AVALID CONTACT.
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Answer / 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.
| Is This Answer Correct ? | 49 Yes | 8 No |
Answer / nipun
A contract can be defined as an agreement between two or more parties to do or to abstain from doing an act, and which is intended to create a legally binding relationship.
Here agreement means, when two or more parties agree to do some thing. The is said to be an agreement when there is an offer to do some thing and acceptance for it. For e.g If I offer to sell you a pen for Rs.5 and you accept this offer, we will be said to have an agreement.
All agreements are contracts if they satisfy the following conditions-
1) The intention to create legal relations,
2) offer and acceptance,
3) consideration,
4) capacity to contract (i.e, parties should not be minors and they should be of sound mind),
5) certainty of terms,
6) consensus ad idem (i.e, a genuine meeting of minds),
7) legality of purpose (i.e, should not be against the law),
8) possibility of performance (for e.g, Bringing moon to earth is impossible. So and agreement between two parties to do that cannot be made into a contract)
| Is This Answer Correct ? | 19 Yes | 2 No |
Answer / vijay
Free Consent of the parties
Lawful consideration
No coercian,undue influence,fraud.
There should be valid Offer
There should be valid Acceptance
Common seal.
Mutual Acceptacee
Consostancy
| Is This Answer Correct ? | 16 Yes | 2 No |
Answer / tarun aggarwal
U SHOULD ANS IN A UNDERSTANDABLE WAY.ONE CAN READ A BOOK
RATHER THAN READING YOUR ANSWER
| Is This Answer Correct ? | 21 Yes | 12 No |
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