What is meant by a valid contract?

What is meant by a valid contract?

A valid contract is an agreement, which is binding and enforceable. In a valid contract, all the parties are legally bound to perform the contract. The Indian Contract Act, 1872 defines and lists the essentials of a valid contract through interpretation through various judgments of the Indian judiciary.

What are the salient features of contract?

According to the Section 10 of the Indian Contract Act, 1872 there are mainly four conditions which have to be satisfied to form a valid contract, i.e. free consent of parties to the contracts, competent to contract, for a lawful consideration and with a lawful object.

What is a contract and what are the elements of a valid contract?

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

What are five features of a valid contract?

The five requirements for creating a valid contract are an offer, acceptance, consideration, competency and legal intent.

What is valid and invalid contract?

Void, valid, and voidable contracts are agreements that can briefly be described as follows: Void: Not an actual contract and is unenforceable. Valid: Legally binding and enforceable in a court of law. Voidable: Valid and enforceable but contains a flaw that may make it void.

What are the features of valid and voidable contracts?

How do you identify salient features?

Salient features should always be visual (Roman-Lantzy). Bark, moo and neigh are not visual salient features because these are sounds we hear, and not details we can see. As CTVI Matt Tietjen puts it, a salient feature is something you can point to in a black and white line drawing.

Is salient features and characteristics same?

Features refer to an important quality or ability of something whereas characteristics refer to unique qualities that make something or someone different from others. This is the main difference between features and characteristics.