Introduction of Indian Contract Act, 1872

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Introduction of Indian Contract Act, 1872

The contracts are not only applicable to the business but are also part of our everyday life. A legal contract can be made by the simple act of purchasing a newspaper, using a credit card to purchase shoes, buying a dress, or paying the parking fee.

Structure of the Indian Contract Act, 1872

The Indian Contract Act, 1872 was divided into four parts;

Essential Elements of a Valid Contract

Here we will talk about the 6 essentials of a contract. These 6 essentials of the contract together make the contract valid.

Agreement: The primary element of a contract that creates a contract between two or more parties in an agreement, which is a result of offer and acceptance, that forms consideration for the parties concerned.

Free Consent: The Consent of the parties is and another important essential element of a contract, which means the parties entering into the contract must agree upon the same thing in the same sense (consensus ad idem). The consent of the parties is said to be free when it should not be caused by coercion, undue influence, fraud, misrepresentation, and mistake.

The capacity of Parties: The capacity of parties to enter into the contract, i.e. he/she has reached the age of maturity and he/she must be of sound mind, and he/she is not disqualified from contracting as per the law like the alien enemy, foreign sovereigns, etc.

Consideration: Consideration implies the price agreed to be paid for the promisor's obligation by the promisee. The consideration must be adequate and lawful.

Lawful object: The object of a valid contract must be lawful.

Not expressly declared as void: The law should not expressly declare as a void contract. For e.g. the contract in restraint of marriage, trade, or legal proceedings.

Other important essential elements of the Contract

There must be at least two parties to form a valid contract.
The parties entering into the contract must intend to create a legal relationship.
It must be in writing.
There must be a certainty.
The conditions of the parties must be clear.
There should be a possible performance of the contract.

Referred Books:

Legal Katta

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Introduction of Indian Contract Act, 1872