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What are the essential elements of a valid contract?
  • a)
    Offer, acceptance, consideration, and mutual intent to enter into an agreement.
  • b)
    Offer, acceptance, performance, and legal obligations.
  • c)
    Offer, acceptance, price declaration, and certainty.
  • d)
    Offer, acceptance, communication, and choice of law and jurisdiction.
Correct answer is option 'A'. Can you explain this answer?
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What are the essential elements of a valid contract?a)Offer, acceptanc...
To form a valid contract, there are four essential elements that must be present. These elements are:1. Offer: One party must make a clear and definite proposal to the other party.2. Acceptance: The other party must accept the offer on the same terms as presented.3. Consideration: Both parties must give up something of value in exchange for the promises made in the contract.4. Mutual intent to enter into an agreement: Both parties must have a genuine intention to be bound by the terms of the contract.Example: A offers to sell his car to B for a certain price. B accepts the offer and agrees to pay the specified amount. Both parties exchange something of value (consideration) and have a mutual intention to enter into a legally binding agreement.
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What are the essential elements of a valid contract?a)Offer, acceptance, consideration, and mutual intent to enter into an agreement.b)Offer, acceptance, performance, and legal obligations.c)Offer, acceptance, price declaration, and certainty.d)Offer, acceptance, communication, and choice of law and jurisdiction.Correct answer is option 'A'. Can you explain this answer?
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What are the essential elements of a valid contract?a)Offer, acceptance, consideration, and mutual intent to enter into an agreement.b)Offer, acceptance, performance, and legal obligations.c)Offer, acceptance, price declaration, and certainty.d)Offer, acceptance, communication, and choice of law and jurisdiction.Correct answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What are the essential elements of a valid contract?a)Offer, acceptance, consideration, and mutual intent to enter into an agreement.b)Offer, acceptance, performance, and legal obligations.c)Offer, acceptance, price declaration, and certainty.d)Offer, acceptance, communication, and choice of law and jurisdiction.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What are the essential elements of a valid contract?a)Offer, acceptance, consideration, and mutual intent to enter into an agreement.b)Offer, acceptance, performance, and legal obligations.c)Offer, acceptance, price declaration, and certainty.d)Offer, acceptance, communication, and choice of law and jurisdiction.Correct answer is option 'A'. Can you explain this answer?.
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