There must be an offer, there must be acceptance of the offer, and there must be mutual agreement on the terms. Finally there must be consideration (usually money, but currency is not exclusive--any form of gratification that is legal will suffice).
1. Agreement: Was an offer made and was it accepted? If the offer was accepted does it adhere to the mirror image rule?.
2. Consideration: Was there a legal detriment to each person who entered into the contract? (eg. money for a service, or giving up a right one is legally entitled to)
3. Capacity: Did each party involved in the contract have the capacity to enter into it in the first place? Minors (with the exception of emancipated children, and those who entered into a contract for necessities), the legally insane, and in some cases, intoxicated persons do not have the capacity to enter into contracts.
4. Legality: Is the contract legal? Does it violate a statute or public policy (eg. a noncompete, marital interference, exculpatory clauses, or is it immoral?)
They are:
Offer and acceptance of that offer;
Form or consideration;
Genuineness of the parties entering the contract;
Capacity of the parties entering into the contract;
Legality of the subject matter;
Possibility;
Good faith.
answer
person who offers, person who accepts, an agreement and a consideration for value received or service enjoyed.
a person 2 willingness 3 to do or to abstain to do 4
Agreement Delivery of goods movable property Definite purpose Return or disposal of the specific goods Essential of valid contract Ownership not transferred
There are 7 ingredients to a valid contract 1. Offer; 2. Acceptance; 3. Consideration 4. Capacity to contract; 5. Intention to Create Legal Relations; 6. Consent 7. Legality
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To make a contract as per Indian Contracts Act, the following are the essential ingredients a. Proposal whether oral or written b. The person who makes an proposal c. Knowledge of the proposal d. free consent for Acceptance / revocation of the proposal e. consideration f. The person who accept / revoke the proposal
no
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25
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