Essentials elements of contract Related: What is Coercion - Other Essential Elements of a Valid Contract - CA CPT - CS and CMA Foundation?

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Essentials elements of contract Related: What is Coercion | Other Ess...

Offer and Acceptance : In order to create a valid contract, there must be an agreement between the two parties. An offer from one party to do or abstain from doing a particular act and its acceptance by the other party are two basic elements of an agreement. Both offer and acceptance should be lawful. The offer must be certain and must be communicated to the offerer. Similarly, acceptance must be absolute and unconditional, it must be given in the mode prescribed and should be communicated.

Intention to create Legal Relationship : There should be an intention on the part of the parties to the agreement to create a legal relationship.

Lawful consideration : The agreement must be supported by a lawful consideration on both sides.

Parties competent to contract : The parties to a contract must be capable of entering into a valid contract. According to Section 11, every person is competent to contract if he

Is of the age of majority,

Is of sound mind, and

Is not disqualified from contracting by any law to which he is subject.

Free consent : The contract must have been ,made with the free consent of the parties. Consent is said to be free if it is not induced by coercion, undue influence, fraud, misrepresentation or mistake.

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