What is Valid Contract?

Seema Mishra

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1 September 12, 2023

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What is valid contract? Check here for complete details.

A valid contract meaning is an agreement that contains all the essential elements required by Indian contract law.

To be considered a valid contract, it must satisfy the following eligibility:

Offer and Acceptance
: There must be an unconditional offer from one party (the offeror) to another party (the offeree) and should be accepted by both parties.
Legal Capacity
: All parties must have the legal capacity to enter into a contract. The contracts of minors, persons of unsound mind, and those disqualified by law are considered invalid contracts.
Lawful Object
: The contract must have a lawful object. It should not be illegal, immoral, or against public policy activity.
Consideration
: There must be a valuable consideration. It can be in the form of money, goods, services, or any other benefit essential for its enforceability.
Certainty and Possibility of Performance
: The terms of the contract must be clear and definite. It should not depend on events that are beyond the control of the parties.
Free Consent
: All parties must have given free consent otherwise, the contract is voidable.
Legal Formalities
: Some contracts require a written agreement or registration, to be considered valid.
Legal Obligation
: There must be a legal relationship between parties, agreements of a social, domestic, or religious nature are not considered valid contracts.

So with the above explanation

what is meant by valid contract

can be clear. If you have any questions about the validity of a contract consult with an Indian contract law expert.

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