Legal Capacity Assignment Help importance of the essential elements required for the formation of a valid contract
What is contract- when the two parties are entered into an agreement willfully and there is legal obligation is created Legal Capacity Assignment Help | Contractual Capacity | Legal Capacitybetween them is known as contract. The essential elements which are consider necessary for the formation of the valid contract. These are under:
offer and acceptance
Offer and acceptance – First essential conditions for creating the valid contract there must be the offer and acceptance between the parties. If there is no offer and acceptance then the contract is not valid in the eyes of law. In offer and acceptance the party has need to make an offer to the one party and one party have to accept the offer for making the contract.
Consent- Second and one of the most important essential for the formation of the contract is the consent. The concept of the consent is come under the section 13. There should free consent of the parties. If the consent is not free then it is not valid contract. There must be no physical danger in the contract. There are some points which are mention below which shows the consent is free when:
First is the coercion which is defined under section 15 of the contract act.
There is no undue influence by the one party on another party and it comes under section 16.
The consent is not taken by fraud. This connect is deal under the section 17
If there is misrepresentation by one party in making of contract then consent is not free. It is defined under section 18.
The sections 20, 21 and 22 deals with the mistake; it is also one of the important for the free consent.
Legal capacity- The contract which is made by the parties must be in legal capacity means that the contract which is made by the parties is not against the any provisions of the law, thus example the contract which is against the law is that making the contract for commit the crime, or for the making fraud. The contract is come under the law; it is not beyond the law. (hkclic.org)
Intention- There must be an intention to create the contract between them. If the intention is taking by any influence then the contract is not the valid contract.
For instance: like husband and wife agreement. There is a social agreement between the husband and wife agreement and which are not enforceable by law and court considers the domestic arrangements: Balfour v. Balfour.
Promise to pay Consideration: There should be promise between the parties in which they make the promise to pay the consideration. It is given by the promisor to promisee. When the promisor take the promise from the promisee that he has done or he is abstained from doing something in the past, he does or abstain from doing in future, or give promise not doing something in the future. The promise which is given by the promisee to promisor for such act the consideration is given. Any agreement which is not included any consideration is not an agreement.
Capacity – the capacity is also an essential element of the valid contract. The parties which are made an contract they are both competent for the valid contract. they have the capacity of contract, if they are not capable then contract is not valid. The person who are not competent for the valid contract are:
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