How can the essential elements of a valid contract be explained?
It should have to fulfill some essential conditions or the elements to become a valid contract as follows;
- Offer & Acceptance
There should be a lawful offer as well as the lawful acceptance by the both parties of the agreement.
- Intention of creating a legal relationship
If there’s no such intention of legal binding to the agreement; then a valid contract is not further exist. Ex; Balfour vs. Balfour Case
- Lawful consideration
Here the consideration can be defined as the recompense or the price of the promise given by the party to the other party who is contracting each other.
Here the both parties should be competent to the contract and the miners and the other disqualified persons by the law are not having the capacity to enter into the contract.
- Free consent
Here the agreement should have to be free from the coercion, fraud, mis-representation and mistakes.