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What is the definition of a contract according to the Indian Contract Act, 1872?
What is the definition of a contract according to the Indian Contract Act, 1872?
An agreement enforceable by law is a contract, according to section 2(h) of the Indian Contract Act, 1872.
According to SALMOND, how is a contract defined?
According to SALMOND, how is a contract defined?
According to SALMOND, a contract is 'An agreement creating and defining obligations between the parties'.
What are the essential elements of a valid contract according to section 10 of the Indian Contract Act, 1872?
What are the essential elements of a valid contract according to section 10 of the Indian Contract Act, 1872?
The essential elements of a valid contract are free consent of the parties, competency to contract, lawful consideration, lawful object, and not expressly declared to be void, according to section 10 of the Indian Contract Act, 1872.
What is necessary to constitute a contract?
What is necessary to constitute a contract?
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What is the nature and object of a contract?
What is the nature and object of a contract?
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Study Notes
Essential Elements of a Valid Contract
- A contract is an enforceable agreement between two or more parties, as per the Indian Contract Act, 1872.
- Section 2(h) of the Indian Contract Act defines a contract as an agreement enforceable by law.
- According to Salmond, a contract creates and defines obligations between the parties.
- Essential elements of a valid contract are defined in Section 10 of the Indian Contract Act.
- To be considered a contract, there must be free consent of the parties, competency to contract, lawful consideration, and a lawful object.
- Offer and acceptance are essential for a contract to be formed, and they must relate to the same thing in the same sense.
- At least two or more persons are required for an agreement to constitute a contract.
- One person cannot enter into an agreement with themselves.
- The essential elements for a valid contract are offer and acceptance, free consent, lawful consideration, lawful object, and parties competent to contract.
- These elements are necessary for an agreement to be considered a contract under the Indian Contract Act.
- The law of contract is not the entire law of agreement, but it encompasses essential elements that define a valid contract.
- Parties to a contract essentially create the law for themselves, and the nature and object of the contract establish obligations.
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Description
Test your knowledge of the essential elements of a valid contract with this quiz. Explore the nature, object, and obligations of contracts as well as the enforceability of agreements in the eyes of the law.
