Basically there are two essential elements of the contract:
- a) an agreement
- b) which is legal and enforceable by law.
Two essentials of agreement are 1) offer 2) acceptance
According to Sec 10 of the Indian Contract Act the following conditions must be fulfilled to make it enforceable in the eyes of law;
- parties are required to be legally competent to enter into an agreement
- parties must have exercised free consent
- there must be a lawfull object and consideration
- the agreement must not be otherwise void.
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