Essentials of a Valid Contract

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Q. "An agreement enforcable by law is a contract"- Explain.Also explain the essentials of a valid contract. An agreement enforcable by law is a contract because a contract is an agreement giving rise to obligations which are enforced or recognized by law. All agreements are contracts if they are made by free consent of parties who are competent to contract for a lawful consideration and with a lawful object and not expressly declared as void. Every promise and every set of promises forming the consideration for each other is an agreement. A person cannot be bound by his offer which is never accepted. Similarly without being an offer a person cannot say that he has accepted. There must be reciprocation. To constitute an agreement there must be a lawful offer from one side and its lawful acceptance from the other side. Each side is called a party. In order to make offer and acceptance a party must be competent. Competency of a party is determined by attainment of the age of majority, soundness of mind and there be being no legal disqualification. A contract is valid only when it is by free consent. A consent is not free if it is caused by coercion, undue influence, fraud, misrepresentation or mistake. Where a party is not willing to offer or to accept and he is compelled or harassed or put under threat of life serious hurt to him or to his relative or property or any other danger, to do so or to give his consent such a consent is not free consent. A contract is also not valid where consideration is not lawful. Such a contract is illegal. A contract is said to have unlawful consideration if it is forbidden by law, both expressly or impliedly; if permitted it would defeat a provision of law; if it is fraudulent; if it involves injury to person or property of another; if it is regarded as immoral or against public policy. A contract is also

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