Legal Reasoning 03 : Essentials of Valid - CUET Commerce

## Essentials of a Valid Contract A valid contract is an agreement enforceable by law, requiring specific essential elements. If any of these essentials are missing, the agreement cannot be enforced and is considered invalid. The essentials ensure that the contract is legally binding and provides remedies in case of...

Which of the following is an essential element for a valid contract?

Offer and acceptance

What is required for parties to enter into a contract regarding their consent?

Free consent

Which of the following is an essential element for a valid contract?

Offer and acceptance

What is required for parties to enter into a contract regarding their consent?

Free consent

What does "Void ab initio" mean in contract law?

"Void ab initio" means cancelled from the very beginning. It describes a contract that was never legally valid and therefore has no legal effect from its inception.

List the seven essential criteria for an agreement to be considered a valid and legally enforceable contract.

The seven essentials are: 1. Valid Offer and Acceptance, 2. Free Consent, 3. Competency of Parties, 4. Lawful Consideration, 5. Intention to Create Legal Relationship, 6. Lawful Object, and 7. Not Expressly Declared Void by Law.