Friday, August 14, 2020

What is a Contract? How is it Formed? Its essential elements

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What is a Contract? How is it Formed? Its essential elements

 

What is a Contract? How is it Formed? Its essential elements

 

  • What is a Contract? (Definition)

 

The term Contract has been defined under Section 2 (h) of the Indian Contract Act ,1872. It defines a Contract as an Agreement enforceable by law.

 

An agreement cannot turn into a contract unless it can be enforceable by Law. So, in order to be enforceable, a contract must contain all the essential elements of  a valid contract as defined in Section 10 of teh Indian Contract Act 1872.

 

Section 10- As per section 10 of the Act, “All agreements are contracts, if they are made by parties out of their-

 

  • Free Consent
  • Parties who are competent to Contract
  • For a lawful consideration
  • With a lawful object
  • And are not expressly declared by the Act to be void.

 

 

Essential Elements Of a Contract-

 

The essential elements of a contract as defined under section 10 of the Indian Contract Act 1872 are-

  • Agreement (Offer & Acceptance)
  • Legal purpose
  • Lawful Consideration
  • Capacity to contract
  • Consent to contract
  • Lawful object
  • Certainity
  • Possibility of performance
  • Not expressly declared void
  • Legal formalities such as Writing, Registration..

What is a Contract? How is it Formed? Its essential elements

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