MGT711 - Business & Labor Law Assignment No. 1 Solution & Discussion Spring 2016 Due Date May 19, 2016
MGT711 - Business & Labor Law Assignment No. 1 Solution Spring 2016 Due Date May 19, 2016
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 write a brief description and an example related to each essential
mentioned above. The example should be from daily life out of your observation or general
knowledge or from any other source (other than the video lectures of this course). Example
should be described in such a way that the meaning of essential is understood even if it is
presented to a layman. Please note you are required to describe ten examples; one for each
essential of the contract according to Contract Act 1872.
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