WHAT IS CONTRACT? EXPLAIN THE ESSENTIALS OF AVALID CONTACT.
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Answer Posted / 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)
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