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Essential Elements of a Valid Contract-II
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Explanation of essential elements of a Valid Contract. Happy Learning :)

Priyal Agrawal
CS Student, AIR 21 in CS foundation,love Teaching, reading, travelling, novels, fashion freak, watch the lessons to knw more

U
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homework k question nahi diya sir ji is video me
  1. Indian contract act, 1872


  2. ABOUT ME MYSELF PRIYAL AGRAWAL CS EXECUTIVE &BCOM 2ND YEAR STUDENT CS FOUNDATION (AIR 22) HOBBIES: TO READ NOVELS,EXPLORING NEW THINGS FOLLOW ME ON UNACADEMY https:// unacademy.com/user/PriyalAgrawal


  3. ection 10: essential eleme f a Valid Contract: I. Offer and Acceptance or an agreement: An agreement is the rst essential element of a valid contract. According to Section 2(e) of the Indian Contract Act, 1872, "Every promise and every set of promises, forming consideration for each other, is an agreement" & "A proposal when accepted, becomes a promise". An agreement is an outcome of offer and acceptance


  4. Free Consent: Two or more persons are said to consent when they agree upon the same thing in the same sense. This can also be understood as identity of minds in understanding the terms viz consensus ad idemm Example: A threatened to shoot B if he (B) does not lend him 2000 and B agreed to it. Here the agreement is entered into under coercion and hence voidable at the option of B


  5. Capacity of the parties: Capacity to contract means the legal ability of a person to enter into a valid contract. Section 11 of the Indiarn Contract Act speci es that every person is competent to contract who . (a) is of the age of majority according to the law to which he is subject and (b) is of sound mind and .(c) is not otherwise disqualified from contracting by any law to which he is subject.


  6. Consideration: It is referred to as 'quid pro quo i.e. 'something in return'. A valuable consideration in the sense of law may consist either in some right, interest, profit, or benefit accruing to one party, Example:- A agrees to sell his books to B for 100, B's promise to pay 100 is the consideration for A's promise to sell his books and A's promise to sell the books is the consideration for B's promise to pay 100


  7. Lawful Consideration and Object: The consideration and object of the agreement must be lawful. Section 23 states that consideration or object is not lawful if it is prohibited by law, or it is such as would


  8. Not expressly declared to be void: The agreement entered into must not be which the law declares to be either illegal or void An illegal agreement is an agreement expressly or impliedly prohibited by law. A void agreement is one without any legal e ects


  9. Thanks! Any questions? Ask me in the comment sections below! Rate RevieW Recomm