Introduction

A legally enforceable contract is called a valid contract. In a valid contract, all the parties are legally sure to perform the contract. If one of the parties refuses to perform the contract, the opposite party can take an action in a very court of law against such party. An agreement must possess some essentials of a legitimate contract to be enforceable by law and these are stated in section 10 of the Indian Contract Act, 1872.

According to Section 10, “all agreements are contracts if they’re made by the free consent of parties, competent to contract, for a lawful consideration and with a lawful object and don’t seem to be hereby expressly declared to be void.

Essentials of Valid Contract

1. Offers and Acceptance – First essential is offer and acceptance between the parties. There must be a lawful offer by one of the party and lawful acceptance of that provided offer by the opposite party. When the offer and acceptance satisfy the wants of the Contract Act then it is called lawful.  The intention with which the offer is made must be of making legal relations otherwise, there’ll be no agreement.

2. Lawful Consideration – The second essential component of a valid contract is consideration.  It helps to find out the genuine intention of the parties of the promise to create legal relationship. It is needed in order to make the agreement a formal contract. When both the parties get something and provides something then only an agreement is enforceable.

3. Capacity to Contract– Capacity to contract means the competency of the parties to enter into a valid contract legally. It is one of the most important need to make an agreement valid and enforceable in a court.  Section 11 says that, so as to be competent to contract the parties must be of the age of majority and should be of sound mind and must be qualified from contracting by any law to which they’re subject. A contract by an individual of unsound mind is void ab-initio which means void from the very beginning. If an individual is minor (person who have not attained the 18 years of age) is incompetent to contract. If a person is disqualified under the contracting law, she/he is not competent to contract.

4. Free Consent – For a valid contract, there must be consent of the parties and the consent must be genuine. It is necessary that the consent of parties to the contract must be free from Undue Influence, Coercion, Fraud, Misrepresentation or Mistake.

5. Lawful Objects – The agreement must be made for a lawful object. It is a very essential constituent of a valid contract. If the agreement has been entered into with fraudulent, illegal, immoral intent or opposition to public policy or if implies injury to the person or property of another then it cannot be a valid contract. Each and every agreement of which the object or consideration is unlawful is void.

6. Writing and Registration – According to the Act, a contract can be oral or in writing. Contract made in writing may be convenient within the court. If a verbal contract if proved within the court will be considered valid and won’t be considered invalid for not being in written.

7. Certainty – The terms and conditions of an agreement must be clear and certain. For a valid contract the agreement must not be vague and uncertain.

8. Possibility of Performance – The valid contract should be made capable of performance.

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

If you are interested in participating in the same, do let me know.

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We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.

We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge