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Amit Kr Giri-I

Amit Kr Giri-I

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Published by Amit Kumar Giri
The essential elements of Valid Contracts
The essential elements of Valid Contracts

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Published by: Amit Kumar Giri on Apr 24, 2009
Copyright:Attribution Non-commercial

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05/11/2014

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ESSENTIAL ELEMENT OFESSENTIAL ELEMENT OFVALID CONTRACTVALID CONTRACT
According to Sec.10 of theAccording to Sec.10 of theIndian Contract Act 1872:Indian Contract Act 1872:All agreements are contracts if All agreements are contracts if they are made by the free consentthey are made by the free consentof parties competent to contract, for of parties competent to contract, for a lawful consideration and with aa lawful consideration and with alawful object and are not expresslylawful object and are not expresslydeclared to be void”.declared to be void”.
 
 
1.Offer and Acceptance1.Offer and Acceptance
There must be two parties to anThere must be two parties to anagreement, i.e., one party making theagreement, i.e., one party making theoffer and other party accepting it. Theoffer and other party accepting it. Theterms of the offer must be definite and theterms of the offer must be definite and theacceptance of the offer must be absoluteacceptance of the offer must be absoluteand unconditional.and unconditional.
 
 
2.Intention to create legal2.Intention to create legalrelationship.relationship.
When two parties enter into an agreement,When two parties enter into an agreement,there intention must be to create legalthere intention must be to create legalrelationship between them. Agreements of arelationship between them. Agreements of asocial or domestic nature do not contemplatesocial or domestic nature do not contemplatelegal relationship, as such they are notlegal relationship, as such they are notcontracts.contracts.

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