What are the essentials of a valid contract?

(i) Capacity of parties
Parties to the contract must be competent.
They must be of the age of majority and of sound mind.

(ii) Lawful object
The object for which the agreement has been entered into must not be opposed to public policy or must not imply injury to the personal property of another.

(iii) Intention to create legal relation
The agreement should be attached by legal consequences and create legal obligations.
Agreements of domestic or social nature do not result to legal relations.

(iv) Free consent
‘Consent’ means that the parties must have agreed upon the same thing in the same sense.

(v).Lawful consideration
‘Consideration’ refers to something given or obtained as the price for the promise.
An agreement is legally enforceable only when each of the parties to it gives something and gets something.

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raphael answered the question on December 30, 2016 at 08:34