Write the elements of a valid contract. Or Write the essentials of a

1.	Write the elements of a valid contract. Or Write the essentials of a valid contract. Or Write the requisites for the contract to be valid.
Answer» 1. The first essential element is the presence of two or more parties to enter into an agreement/contract. 2. To form a contract, there must be an agreement between two parties. 3. When the two parties enter into an agreement, their intention must be to create a legal relationship between them. 4. An agreement becomes a contract if it is entered into between the parties who are competent to contract. 5. It is essential for the creation of every contract that there must be a free and genuine consent of the parties. 6. There should be a lawful consideration, which means ‘something in return for both the parties. 7. The object of the agreement must be lawful. 8. There should be certainty in a contract. 9. Possibility of performance. 10.Agreement shouldn’t be void. 11.Legal formation should be there.

Write the elements of a valid contract. Or Write the essentials of a valid contract. Or Write the requisites for the contract to be valid.

Answer»

1. The first essential element is the presence of two or more parties to enter into an agreement/contract.

2. To form a contract, there must be an agreement between two parties.

3. When the two parties enter into an agreement, their intention must be to create a legal relationship between them.

4. An agreement becomes a contract if it is entered into between the parties who are competent to contract.

5. It is essential for the creation of every contract that there must be a free and genuine consent of the parties.

6. There should be a lawful consideration, which means ‘something in return for both the parties.

7. The object of the agreement must be lawful.

8. There should be certainty in a contract.

9. Possibility of performance.

10.Agreement shouldn’t be void.

11.Legal formation should be there.