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    Essentials of A Contract

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    AMIT GUPTA
    Agreement between the parties, offer and acceptance, and consideration are essential elements of a valid contract according to Indian law. There must be a mutual understanding or "meeting of the minds" between the parties demonstrated through a clear offer and acceptance. Consideration, which is an exchange of value or legal benefit, is also required except in certain specific cases defined by law such as contracts involving natural love and affection. The parties must also be competent to enter into a contract under Indian law, meaning they have reached the age of majority, are of sound mind, and are not legally disqualified from contracting.

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    Essentials of A Contract

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    AMIT GUPTA
    13 views1 page
    Agreement between the parties, offer and acceptance, and consideration are essential elements of a valid contract according to Indian law. There must be a mutual understanding or "meeting of the minds" between the parties demonstrated through a clear offer and acceptance. Consideration, which is an exchange of value or legal benefit, is also required except in certain specific cases defined by law such as contracts involving natural love and affection. The parties must also be competent to enter into a contract under Indian law, meaning they have reached the age of majority, are of sound mind, and are not legally disqualified from contracting.

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    Essentials of a Contract

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    Agreement between the parties, offer and acceptance, and consideration are essential elements of a valid contract according to Indian law. There must be a mutual understanding or "meeting of the minds" between the parties demonstrated through a clear offer and acceptance. Consideration, which is an exchange of value or legal benefit, is also required except in certain specific cases defined by law such as contracts involving natural love and affection. The parties must also be competent to enter into a contract under Indian law, meaning they have reached the age of majority, are of sound mind, and are not legally disqualified from contracting.

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    © All Rights Reserved
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    13 views1 page

    Essentials of A Contract

    Uploaded by

    AMIT GUPTA
    Agreement between the parties, offer and acceptance, and consideration are essential elements of a valid contract according to Indian law. There must be a mutual understanding or "meeting of the minds" between the parties demonstrated through a clear offer and acceptance. Consideration, which is an exchange of value or legal benefit, is also required except in certain specific cases defined by law such as contracts involving natural love and affection. The parties must also be competent to enter into a contract under Indian law, meaning they have reached the age of majority, are of sound mind, and are not legally disqualified from contracting.

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    ESSENTIALS OF A CONTRACT

    Agreement is essential to any contract. Before there can be a contract, there must be a consensus ad
    idem: that is, there must be a meeting of the minds. There must be an intention to enter into a
    legally binding contract.
    There must be an offer by one side and an acceptance of the offer by the person to whom the offer
    was made. Without both an offer and an acceptance, there can be no consensus ad idem or a
    meeting of the minds which is essential to form a contract.
    Consideration is a sine-qua-non for any contract as per Indian law except for the certain contracts
    defined under the law. Except in the following cases contracts without consideration are void.
    1. It is expressed in writing and registered under the law for the time being in force for the
    registration of documents and is made on account of natural love and affection between
    parties standing near relation to each other, or unless
    2. It is promise to compensate, wholly or in part, a person who has already voluntarily done
    something for the promisor, or something which the promisor who legally compellable to
    do; or unless
    3. It is a promise, made in writing and signed by the person to be charged therewith, or by his
    agent generally or specially authorized in that behalf, to pay wholly or in part a debt of
    which the creditor might have enforced but for the law for the limitation of suits.

    However the consideration may or may not be adequate and this is left to the will of the parties.
    Another essential requirement of contract is that the parties must be competent to contract. As per
    Indian Law a person is competent to contract if:
    i)
    ii)
    iii)

    He has reached the age of majority by the law in force to which he is a subject.
    He is of sound mind. A person, who is usually of unsound mind, but occasionally of
    sound mind, may make a contract when he is of sound mind.
    Who is not disqualified from contracting by any law in force to which he is a subject.

    ********

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