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What is Valid Contract?

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1 2023-09-12T15:07:26+00:00
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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:

  1. 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.

  2. 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.

  3. Lawful Object

    : The contract must have a lawful object. It should not be illegal, immoral, or against public policy activity.

  4. 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.

  5. 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.

  6. Free Consent

    : All parties must have given free consent otherwise, the contract is voidable.

  7. Legal Formalities

    : Some contracts require a written agreement or registration, to be considered valid.

  8. 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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