Understand the Problem
The document provides an overview of contract law, particularly the general principles as outlined by the Indian Contract Act of 1872. It discusses key concepts such as the definition of a contract, the nature of promises and proposals, and essential elements of a valid contract. It also differentiates between agreements and contracts.
Answer
Valid contract needs agreement, enforceability, capacity, lawful object, and consent.
The final answer is that a valid contract requires agreement, enforceability, and specific elements such as capacity, lawful object, and free consent.
Answer for screen readers
The final answer is that a valid contract requires agreement, enforceability, and specific elements such as capacity, lawful object, and free consent.
More Information
According to the Indian Contract Act 1872, a contract is enforceable by law if it includes elements like a lawful proposal, acceptance, capacity of parties, intention to create a legal relationship, lawful consideration, and free consent.
Tips
Common mistakes include overlooking the need for lawful consideration or misunderstanding the capacity of parties.
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