essentials of an agreement
mahendrakumar
(Querist) 15 March 2010
This query is : Resolved
what are essential for an agreement to be legally enforceable?
I have some more queries to be cleared. I will raise them later.
Parveen Kr. Aggarwal
(Expert) 15 March 2010
Section 2(h) of the Indian Contract Act, 1872:
"(h) An agreement enforceable by law is a contract"
Section 10 of the Indian Contract Act, 1872:
"10. What agreements are contracts:- All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.
Nothing herein contained shall affect any law in force in India and not hereby expressly repealed by which any contract is required to be made in writing or in the presence of witnesses, or any law relating to the registration of documents."
A V Vishal
(Expert) 16 March 2010
A contract is an agreement enforceable by law.
Essentials of a valid contract: All agreements are contracts if they are-
1. Made by competent parties i.e by persons who are not minors (not below 18 yrs of age), who are of sound mind.
2. Made by free consent. A consent is said to be free if it is not caused by coercion, undue influence, fraud,
misrepresentation or mistake.
3. Made for lawful object and consideration. The object and
consideration of the agreement is unlawful if:-
a. it is forbidden by law
b. it is of such a nature that if permitted would defeat the provisions of any law.
c. is immoral.
d. opposed to the public policy.
4. Not expressedly forbidden by law.
mahendrakumar
(Querist) 16 March 2010
thank you Mr.Parveen and Vishal for a clear cut and straight forward answer without beating around the bush
