Contract: Any agreement or declaration between two or more parties and the agreement must be enforceable by law is called contract. In valid contract, both parties who involve in the contract are legally bound to fulfil his obligations or promises which are within the contract. The basic formula of a contract. Contract = Agreement + Enforceability Essentials of Valid Contract: At least two or more parties. Offer and acceptance. Free consent. Competency or Capacity of parties. Lawful object and consideration. Consensus ad idem. Possibility and certainty of performance. Writing and registration. Intention to create Legal relations (Contractual relationship). Not expressly declared void by the law. 1. At least two or more parties: There are at least two parties involved in a valid contract ....
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