Discuss the essential elements of a valid contract? Essay

Ans element 2(h) of the Indian beseech Act, 1872 defines a contract as an capital of New Hampshire enforceable by law. Section 2(e) defines symmetry as every prefigure and every set of squalls forming consideration for each other. Section2(b) defines promise in the word When the person to whom the proposal ismade signifies his assent on that pointto, the proposal is express to be accepted. A proposalwhen accepted becomes a promise.From the above definition of promise, it is patent that an agreement is anaccepted proposal. The two elements of an agreement are1 Offer of a proposal.2 An acceptance of that continue or proposal.What agreement are contracts? completely agreements are non studied under the Indian Contract Act, assome of them are non contracts. The Contract Act is the law of thoseagreements, which create obligations, and in oddball of a breech of a promise byone troupe to the agreement, the other has a legal remedy. Thus, a contract consists of two elements ,1.An agreement2.Legal Obligations i.e. It should be enforceable at lawHowever, there are some agreements, which are non enforceable in a law court.Such agreements donot rise to contractual obligations and are not contracts.Essential Elements of Valid ContractsAll agreements are contracts if they are made by free admit of parties,Competent to contract, for a lawful consideration and with a lawful object and are not here by expressly state to be void.Thus the inseparable elements of a valid contract can be summed up as follows1.Agreement2.Intensions to create legal relationships3.Free and genuine consents4.Parties competent to contract5.Lawful considerations6.Lawful Objects7.Agreements not declared void or illegal8.Certainty of meaning9.Possibility of performance10.Necessary illegal formalitiesAgreementAs already mentioned, to constitute a contract there must(prenominal) be an agreement. An agreement is composed of two elements, Offer and Acceptance.The party making the offer is known as a offeror, the party to whom the offer ismade is know as the offree. Thus, there are essentially to be two parties to anagreement. They both must be thinking of the same thing in the same sense. Inother words, there must be consensus-ad-idem.Intensions to Create Legal Relationships As already mentioned there should be an intension on the part of the parties to the agreement to create a legalrelationship. An agreement is purely social or domesticated nature is not a contract.Free and Genuine ConsentThe consent of the parties to the agreement mustbe free and genuine. The consent of the parties should not be obtained bymisrepresentation, fraud, undue influence, obsession or mistake. If the consent isobtained by any of these flaws, then the contract is not valid.Parties Competent to ContractThese parties to a contract should be competent to grave to a contract. According to section 11 ,every person iscompetent to contract if he, (1) Is of the get along of majority, (2) Is sound mind, and (3) Is not disqualified from contracting by any law to which he is subject. Thus,there may be a flaw in might of parties to the contract. The flaw in capacitymay be due to minority, lunacy, idiocy, drunkenness or status. If a party to acontract suffers from any of these flaws, the contract is anunenforceable except in veritable exceptional circumstances.Lawful ConsiderationsThe agreement must be supported by consideration onboth sides. Each party to the agreement must give or promise something and receive something or promise in return. Consideration is the outlay for which thepromise of the order is sought. However, this price need not be in scathe of money. In case promise is not supported by consideration, the promise will beNudum Pactum (a bare promise) and is not enforceable at law. Moreover theconsideration must be real and lawful.Lawful ObjectsThe object of the agreement must be lawful and not one which the law dis-approves.Agreements not Declared extrale gal or Void There are real agreements, which have been expressly declared illegal or void by the law. In much(prenominal) cases,even if the agreement possesses all the element of a valid agreement, theagreement will not be enforceable at law.Certainty of MeaningThe meaning of agreement must be certain or capable of being certain otherwise the agreement will not be enforceable at law.