What is valid contract? Check here for complete details.
A valid contract meaning is an agreement that contains all the essential elements required by Indian contract law.
To be considered a valid contract, it must satisfy the following eligibility:
- Offer and Acceptance
: There must be an unconditional offer from one party (the offeror) to another party (the offeree) and should be accepted by both parties.
- Legal Capacity
: All parties must have the legal capacity to enter into a contract. The contracts of minors, persons of unsound mind, and those disqualified by law are considered invalid contracts.
- Lawful Object
: The contract must have a lawful object. It should not be illegal, immoral, or against public policy activity.
- Consideration
: There must be a valuable consideration. It can be in the form of money, goods, services, or any other benefit essential for its enforceability.
- Certainty and Possibility of Performance
: The terms of the contract must be clear and definite. It should not depend on events that are beyond the control of the parties.
- Free Consent
: All parties must have given free consent otherwise, the contract is voidable.
- Legal Formalities
: Some contracts require a written agreement or registration, to be considered valid.
- Legal Obligation
: There must be a legal relationship between parties, agreements of a social, domestic, or religious nature are not considered valid contracts.
So with the above explanation
what is meant by valid contract
can be clear. If you have any questions about the validity of a contract consult with an Indian contract law expert.
Need legal help? Contact No Broker expertsRead more
What is the Unregistered Sale Agreement Validity Period
Is power of attorney valid after death?
Your Feedback Matters! How was this Answer?
Fast & Reliable Online Khata Transfer
✔
Dedicated Senior Advocates✔
Lowest Price✔
Fastest Process
Khata Package
Know More
Khata Transfer
Transfer Now
E-Aasthi Conversion
Transfer Now
What is Valid Contract?
Seema Mishra
155 Views
1
1 Year
2023-09-12T15:04:16+00:00 2023-09-13T18:35:31+00:00Comment
Share