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The basic requirements of a contract or an agreement are as below:
1. An offer
2. An acceptance
3. Consideration
If any of these components are absent, the agreement or contract would not form a proper contract. However, consideration may be paid in cash or may be a counter obligation to be performed by the other party to the contract. This obligation may be an act to be performed by the other party or a promise to abstain from doing something.
What else can I help you with?
What circumstances would a contract be valid without any consideration?
from wawa(ums kal) :contracts under seal are valid without a consideration or perbaps
What are the advantages and disadvantages of past consideration?
The advantages of consideration in a valid contract
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
What are the requirements for a valid contract?
For a contract to be valid, it must include an offer, acceptance, consideration, legal capacity, and legal purpose.
Explain consideration and acceptance are the binding element of contract?
An offer is valid only if it is made with an intention of getting the assent of another. when there is no acceptance the contract does not come into existence. For a valid contract there must be consideration which need not be adequate.
Simple contract special contract?
They are valid element of a contract they are offer and acceptance, legality consideration capacity terms
Can an option contract be created without consideration?
No, in order to create a legally binding option contract, consideration is required. Consideration is what each party gives or promises to give in exchange for the other party's promise. It is a key element in forming a contract and provides the basis for a valid agreement.
Will a contract always be valid and binding when its contains consideration?
Just because a contract contains consideration does not mean it is legal or binding. There are other requirements that must be met.
What is consideration and its condition?
That something of value is offered - that the offer is accepted - and THAT IT ACTUALLY PASSES HANDS. Without all three condition being met there is NOT a valid contract.
Key elements of a valid contract?
A valid contract includes an offer by one party, acceptance by the other party, consideration exchanged between the parties, legal capacity of the parties to enter into the contract, and a legal purpose for the contract. These elements are essential for a contract to be legally enforceable.
What are the component parts of an offer?
An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.
Ingredients of valid contract?
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
