07 October 2009
In general words a contract is valid when it is as per the law of country as far as terms and conditions of the contracts are concerned. In other words it must be enforceable in law and must contain all the elements of a valid contract.
07 October 2009
ESSENTIALS OF A VALID CONTRACT The Indian Contract Act -1872 defines “contract†as an agreement enforceable by law. The essentials of a (valid) contract are: (a) intention to create legal relations;
(b) offer and acceptance;
(c) consideration;
(d) capacity to enter into a contract
(e) free consent of the parties
(f) lawful object of the agreement
Writing is not essential for the validity of a contract, except where a specific statutory provision requires writing.
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