law of contract essential features and its examples

law of contract

1. E ssential of a valid contract. Meaning of Valid Contract Valid contract is one which is binding on both the parties. If any party refuses to perform its part of contract the other party will have a right to seek the help of court of law. In order to be a valid contract there must be some essentials. These essential have been stated in Section 10 of contract A ct , which says: “All agreements are contract if they are made by free consent of parties competent to contract for a lawful consideration and with a lawful object and not hereby expressly declared void

2. E ssential of a valid contract Offer and Acceptance Legal Relationship Lawful Consideration Capacity of parties Free Consent Lawful Object Writing and registration Certainty Possibility of Performance Not Expressly Declared Void