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Due Date: 10 May 2017 Total Marks: 10
Topic to be tested:
Essentials of a valid contract
• To extract certain examples/situations from your observation or reading that fits best in the given essentials of a valid contract as per Contract Act 1872.
The essentials of a valid contract are mentioned below:
1) Offer and acceptance
2) Legal relationship
3) Legal consideration
4) Competent parties
5) Free consent of the parties
6) Lawful Object
7) Terms of agreement to be complete and certain
8) Possibility of performance
9) Contract to be got registered & in writing, wherever required
10) Contract not declared void under the Act.
You are required to describe an example related to each essential of the contract. The example should be from daily life out of your observation or general knowledge or from any other source (other than the video lectures and PPTs of this course). Each example should be described in such a way that the meaning of essential is understood even if it is presented to a layman.
Note that you need to describe ten examples, one for each essential.
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Please share your ideas
kindly give me some guidlines
koi idea he de do dosto
share your ideas pls.
lec no 6 or 7 read karain ya listion karain kafi help mil jay gi
For an agreement there must be a lawful offer by one and lawful acceptance of that offer from the other party. The term lawful means that the offer and acceptance must satisfy the requirements of Contract Act. The offer must be made with the intention of creating legal relations otherwise, there will be no agreement
The parties to an agreement must create legal relationship. It arises when parties know that if one for the failure of a contract. Agreements of a social or domestic nature do not create legal relations and as such cannot give rise to a contract. It is presumed in commercial agreements that parties intend to create legal relations.
3. legal Consideration
The third essential of a valid contract is the presence of consideration. Consideration is “something in return.” It may be some benefit to the party. Consideration has been defined as the price paid by one party for the promise of the other. An agreement is enforceable only when both the parties get something and give something. The something given or obtained is the price of the promise and is called consideration
4. competence of Parties.
an agreement is enforceable only if it is entered into by parties who possess contractual capacity. It means that the parities to an agreement must be competent to contract. According to Section 11, in order to be competent to contract the parties must be of the age of majority and of sound mind and must not be disqualified from contracting by any law to which they are subject. A contract by a person of unsound mind is void ab-initio (from the beginning).If one of the parties to the agreement suffers from minority, madness, drunkenness etc., the agreement is not enforceable at law, except in some cases.
5. Free Consent:
it is another essential of a valid contract. Consent means that the parties must have agreed upon the same thing in the same sense. For a valid contract it is necessary that the consent of parties to the contact must be free.
6. Lawful Objects:
It is also necessary that agreement should be made for a lawful object. The object for which the agreement has been entered into must not be fraudulent, illegal, immoral, or opposed to public policy or must not imply injury to the person or property of another. Every agreement of which the object or consideration is unlawful is illegal and the therefore void.
7. Terms of agreement to be complete and certain.
8.Possibility of Performance:
The valid contract must be capable of performance section 56 lays down that. “An agreement to do an act impossible in itself is void.” If the act is legally or physically impossible to perform, the agreement cannot be enforced at law.
9.contract is to be Registered &in writing ,wherever required:
According to Contract Act, a contract may be oral or in writing. Although in practice, it is always in the interest of the parties that the contract should be made in writing so that it may be convenient to prove in the court. However, a verbal contract if proved in the court will not be considered invalid merely on the ground that it not in writing. It is essential for the validity of a contact that it must be in writing signed and attested by witness and registered if so required by the law.
10. contract Not Declared Void under the act.
An agreement must not be one of those, which have been expressly declared to be void by the Act. Section 24-30 explains certain types of agreement, which have been expressly declared to be void. An agreement in restraint of trade and an agreement by way of wager have been expressly declared void.
kiya yeh sahi hai koi guide krye
can you explain this one
Good effort fatima umair.
now we are supose to make 1 example from each mentioned in assignment and above.
1. purchase of new car.
its is a contract that has an offer by the seller (Suzuki) and acceptance by the buyer.
now try to make more
Thank fatima ..Know we just have to put example with justified understanding
Really appreciate your work ..Thanks buddy
Please Discuss here about this assignment.Thanks
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