Interested to Buy Any Domain ? << Click Here >> for more details...
WHAT IS CONTRACT? EXPLAIN THE ESSENTIALS OF AVALID CONTACT.
- 4 Answers
- 28223 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / rachana
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 coersion, 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. the court regards it immoral.
d. the court regards it oppose to the public policy.
4. Not expressely forbidden by law.
| Is This Answer Correct ? | 49 Yes | 8 No |
Answer / nipun
A contract can be defined as an agreement between two or more parties to do or to abstain from doing an act, and which is intended to create a legally binding relationship.
Here agreement means, when two or more parties agree to do some thing. The is said to be an agreement when there is an offer to do some thing and acceptance for it. For e.g If I offer to sell you a pen for Rs.5 and you accept this offer, we will be said to have an agreement.
All agreements are contracts if they satisfy the following conditions-
1) The intention to create legal relations,
2) offer and acceptance,
3) consideration,
4) capacity to contract (i.e, parties should not be minors and they should be of sound mind),
5) certainty of terms,
6) consensus ad idem (i.e, a genuine meeting of minds),
7) legality of purpose (i.e, should not be against the law),
8) possibility of performance (for e.g, Bringing moon to earth is impossible. So and agreement between two parties to do that cannot be made into a contract)
| Is This Answer Correct ? | 19 Yes | 2 No |
Answer / vijay
Free Consent of the parties
Lawful consideration
No coercian,undue influence,fraud.
There should be valid Offer
There should be valid Acceptance
Common seal.
Mutual Acceptacee
Consostancy
| Is This Answer Correct ? | 16 Yes | 2 No |
Answer / tarun aggarwal
U SHOULD ANS IN A UNDERSTANDABLE WAY.ONE CAN READ A BOOK
RATHER THAN READING YOUR ANSWER
| Is This Answer Correct ? | 21 Yes | 12 No |
Tell me about some stocks you follow. Why should I buy them?
what is full form of nifty?
15 Answers BNP Paribas, Indiabulls, Infosys, NICE,
How will you differentiate between a leader and a manager?
Which banking services can be used through information technology (it)?
How is E-commerce related to social media?
Describe the advantages and disadvantages of international trade?
What is portfolio investment?
why do you want do your specialization in finance?
what is E.T.F. Give the name of any company who is famous for this type of service.
What is Meant by at Discount in Issuance of Shares?
0 Answers Joint Stock Company,
What are the financial statements?
What is different between cash book and pass book?
-
Business Administration (517) - Marketing Sales (1279)
- Banking Finance (3208)
- Human Resources (747)
- Personnel Management (68)
- Hotel Management (29)
- Industrial Management (113)
- Infrastructure Management (14)
- IT Management (97)
- Supply Chain Management (16)
- Operations Management (39)
- Funding (79)
- Insurance (494)
- Waste Management (1)
- Labor Management (48)
- Non Technical (73)
- Business Management AllOther (546)
