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Valid Contract Handwritten Notes

A valid contract under the Indian Contract Act, 1872 must include an offer and acceptance, intention to create legal relationships, lawful consideration, capacity of parties, free consent, lawful object, certainty of terms, possibility of performance, and not be expressly declared void. These essential elements ensure that the agreement is enforceable by law. When all conditions are met, the agreement is recognized as a valid contract.

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12 views1 page

Valid Contract Handwritten Notes

A valid contract under the Indian Contract Act, 1872 must include an offer and acceptance, intention to create legal relationships, lawful consideration, capacity of parties, free consent, lawful object, certainty of terms, possibility of performance, and not be expressly declared void. These essential elements ensure that the agreement is enforceable by law. When all conditions are met, the agreement is recognized as a valid contract.

Uploaded by

GAMING with T.S.K.
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Essential Elements of a Valid Contract (Indian Contract Act, 1872)

A contract is defined under Section 2(h) as an agreement enforceable by law. For


an agreement to become a valid contract, it must satisfy the conditions laid down in
Section 10 of the Act.

1. Offer and Acceptance


There must be a lawful offer by one party and lawful acceptance by another. The
acceptance must be absolute and communicated.

2. Intention to Create Legal Relationship


The parties must intend to create legal obligations. Social agreements are
generally not enforceable, while commercial agreements are.

3. Lawful Consideration
Consideration means something in return for a promise. It must be lawful and may
be in cash, kind, or service.

4. Capacity of Parties
Parties must be competent to contract. A person must be a major, of sound mind,
and not disqualified by law.

5. Free Consent
Consent must not be caused by coercion, undue influence, fraud,
misrepresentation, or mistake.

6. Lawful Object
The object of the agreement must not be illegal, immoral, or opposed to public
policy.

7. Certainty of Terms
The terms of the agreement must be clear and certain.

8. Possibility of Performance
The agreement must be capable of being performed.

9. Not Expressly Declared Void


The agreement must not be declared void under the Act.

Conclusion
When all these conditions are fulfilled, the agreement becomes legally enforceable
and is called a valid contract.

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