Exercises · Q2
Q.State the essential elements of a valid contract.
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✓ Free question
- Offer and Acceptance — a lawful offer by one party, lawfully accepted by the other.
- Intention to create legal relationship — the parties must mean for the agreement to be enforceable at law.
- Lawful consideration — something of value must move between the parties.
- Capacity of parties — the parties must be of the age of majority, of sound mind, and not disqualified by law.
- Free consent — agreement uncaused by coercion, undue influence, fraud, misrepresentation, or mistake.
- Lawful object — the purpose must not be illegal, immoral, or against public policy.
- Not expressly declared void — must not fall in a category the Act itself voids (e.g. restraint of trade).
- Certainty of meaning — terms must be clear, not vague.
- Possibility of performance — the act agreed upon must be capable of being done.
- Legal formalities — writing/registration/attestation, where the law requires it.
✓Final answer
The ten essentials are: offer and acceptance, intention to create legal relations, lawful consideration, capacity, free consent, lawful object, not expressly void, certainty of meaning, possibility of performance, and legal formalities where required.
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