A contract is an Agreement made between two or more parties which the Law will enforce. An agreement is every Promise and every set of promises , forming consideration for each other.
Valid contract is the one which is enforceable by law. There are the various type of contract namely, void contract, voidable contract, illegal contract, unenforceable contract and valid contract. The type of the contract will be decided based on the legality of the contract. A Contract will be considered as a valid contract when it satisfy certain essentials of a valid contract.
Essentials of Valid Contract as per Indian Contract Act :
- Offer and Acceptance – Their must be two parties . One must initiate the offer (offeror) and the other should accept it (offeree or acceptor) .
- Intention to create legal relationship – In all social agreements usually people do not intend legal relationship. However in business agreements people intend to enter legal relationship.
- Lawful Consideration – Consideration is something in return means the benefit move from one party to another. Both should give something and take something in return. It can be present past or future but it should be real and lawful.
- Capacity of the parties – The laws have termed certain persons as incapable to enter into a contract . So the contract enters with such persons are not valid. The persons who are not capable are Minor, Unsound mind, Drunken, Disqualified under any Act, Insolvent.
- Free and Genuine Consent – Both the parties should agree the subject matter of the contract in the same sense and with the same mind over all terms. If the consent given by the parties is not a consent given with free mind, If it is obtained through force, using authority, giving false information etc then that consent is not called as free and genuine consent. Such contract is also not a valid contract.
- Lawful Object – The object of the contract should be legal moral and should not be against public policy (sec.23)
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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