define the term contract what are the essentials of a valid contract
Answer (1)
3rd Feb, 2020
Contact is nothing but an agreement binding the parties legally. It states the rights and duties of the parties engaged in the contract. A contract is legally enforceable as it meets the requirements of law. It's basic elements are:
1. Mutual assent (both the parties agreeing)
2. Expressed by a valid offer and acceptance
3. Adequate consideration
4. Capacity
5. Legality
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