The
essentials of a valid contract are:
- Intention
with which the contract is created:
The intention to create a contract should be clear otherwise, it will be
treated as invalid.
- Offer
and acceptance: A contract ceases to exist
without an offer. An acceptance will be deemed to be complete when both
the parties are in conscience with each other.
- Consideration: A consideration may consist sometimes in the doing of
a requested act, and sometimes in the making of a promise by the offeree.
Consideration is not required for a promise to compensate, wholly or in
part, a person who has already voluntarily done something for the promisor
or something, which the promisor was legally compellable to do. It is also
not required for a written and signed promise by the debtor (or his duly
authorized agent) to pay a time-barred debt to the creditor.
- Capacity
to enter into contract: A person
can enter into a contract only after he has attained an age of majority
and is not debarred by law for doing any unlawful activity.
- Free
consent of the parties: When
consent is attained by fraud or misrepresentation, the agreement can
become void at the consent of the party who was forced to enter into such
an agreement.
- Lawful
object of the agreement:
If the consideration or an object is unlawful, the agreement will be
treated as void.
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