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FAQs on Mind Map: Other Essential Elements of a Contract - Business Laws for CA Foundation
| 1. What are the essential elements required for a valid contract? |  |
Ans. A valid contract typically requires the following essential elements: offer, acceptance, consideration, capacity, legality, and intention to create legal relations. The offer is a clear proposal made by one party, acceptance is the agreement to the offer by another party, consideration refers to something of value exchanged, capacity means that the parties involved have the legal ability to enter into a contract, legality ensures that the contract's purpose is lawful, and intention signifies that both parties aim to enter a binding agreement.
| 2. How does consideration function in the context of a contract? | |
Ans. Consideration is a fundamental component of a contract, representing something of value exchanged between the parties involved. It can be in the form of money, services, goods, or a promise to perform or refrain from an action. For a contract to be enforceable, there must be consideration; without it, a contract may be deemed void. Consideration must also be sufficient but need not be adequate, meaning it does not have to reflect the market value.
| 3. What is meant by 'capacity' in contract law, and who lacks it? | |
Ans. Capacity in contract law refers to the legal ability of parties to enter into a contract. Certain individuals, such as minors (typically those under the age of majority), mentally incapacitated persons, and intoxicated individuals, may lack the capacity to form a binding contract. Contracts made by these individuals are often voidable at their discretion, meaning they can choose to affirm or reject the contract.
| 4. Why is the intention to create legal relations important in a contract? | |
Ans. The intention to create legal relations is crucial because it differentiates social or domestic agreements from enforceable contracts. For a contract to be legally binding, both parties must intend for the agreement to have legal consequences. In business agreements, this intention is generally presumed, while in personal or family arrangements, it may not be assumed unless explicitly stated.
| 5. How does the legality of the object affect a contract? | |
Ans. The legality of the object refers to whether the purpose or subject matter of the contract is lawful. If a contract's object is illegal or against public policy, the contract is void and unenforceable. This includes contracts for illegal activities, such as drug trafficking or agreements that restrain trade. Ensuring that the contract's object is legal is essential for its validity and enforceability.
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