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Essential Elements of a valid Contract:

Valid contract:
An agreement which has all the essential elements of a contract
is called a valid contract. A valid contract can be enforced by
law
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Essential Elements of a valid Contract:
1. Offer and Acceptance: There must be a “lawful offer” and a
“lawful acceptance”.
2. Legal Obligations:There must be an intention among the
parties that the agreement should be attached by legal
consequences and create legal obligations.
3. Lawful Considerations :A valid contract should be supported
by consideration. Consideration means “something in return”
It can be cash, kind, an act or abstinence.
4. Capacity of parties: The parties to an agreement must be
competent to contract, a person is considered to be
competent to contract if he satisfies the following criterion:
 The person has reached the age of majority.
 The person is of sound mind.
 The person is not disqualified from contracting by any
law.
5. Free Consent: To constitute a valid contract there must be
free and genuine consent of the parties to the contract. It
should not be obtained by:
 Misrepresentation
 Fraud
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 Coercion
 undue influence
 mistake.
6. Lawful object: The object of the agreement must not be
illegal or unlawful.
7. Writing and Registration: The agreement must be in writing
or registered to be valid.
8. Certainty of terms: Any agreement can be enforced if its
meaning is certain or capable of being made certain
agreements the meaning of which is not certain, are void.
9. Possibility of performance: The terms of the agreement
must also be capable of performance physically as well as
legally.
10. Not expressly declared void: The agreement must not
have been expressly declared void under the act.