Infographic: 6 essentials of valid contracts under Indian law - 1) Offer & acceptance 2) Lawful consideration 3) Competent parties 4) Free consent 5) Lawful object 6) Possible performance - All elements required for legal enforceability.
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Essentials of Formation of Contract

The Two Pillars of Every Contract: Agreement & Enforceability Every valid contract rests on two fundamental components: What is a Contract? A contract is a legally binding agreement between two or more parties that creates enforceable rights and obligations. Let’s break these down in plain terms. 1. Agreement: The Meeting of Minds An agreement happens when: This mutual…

What is a Contract? Definition, Examples & Legal Framework

A contract is a legally binding agreement between two or more parties that creates mutual obligations enforceable by law. In simple terms, it is “a set of promises (written or oral) that the law recognizes and enforces.” Examples of Contracts in Daily Life Legal Definition of a Contract According to Section 2(h) of the Indian Contract Act, 1872, a…