Explain the following:
(a) Legal enforceability
(b) Free Consent
(c) Consideration
(d) Capacity of Parties
(e) Social Agreement
(f) Domestic Agreement
(g) Void Agreement
(h) Valid Contract
(a) Legal enforceability:
Enforceable law definition means that an agreement has been made by two or more parties and includes the components of a valid contract. For a contract to be valid, there must be an offer, a consideration, and the parties involved must be of full mental capacity. If one party is deemed incompetent by a judge, the contract will not be enforceable.
Enforceable law definition means that an agreement has been made by two or more parties and includes the components of a valid contract. For a contract to be valid, there must be an offer, a consideration, and the parties involved must be of full mental capacity. If one party is deemed incompetent by a judge, the contract will not be enforceable.
(b) Free Consent:
According to Section 13 of the Indian Contract Act, 1872 consent means when both parties agree to a thing in the same sense of mind or unison of mind.
Consent is considered to be free consent when the following factors are satisfied:
According to Section 13 of the Indian Contract Act, 1872 consent means when both parties agree to a thing in the same sense of mind or unison of mind.
Consent is considered to be free consent when the following factors are satisfied:
- It should be free from coercion.
- The contract should not be done under the pressure of undue influence.
- The contract should be done without fraud.
- The contract should not be made through misrepresentation.
- The contract should not be made by mistake.
(c) Consideration:
Anything of value promised by one party to the other when making a contract can be treated as "consideration": for example, if A signs a contract to buy a car from B for $10,000, A's consideration is the $10,000, and B's consideration is the car.
Anything of value promised by one party to the other when making a contract can be treated as "consideration": for example, if A signs a contract to buy a car from B for $10,000, A's consideration is the $10,000, and B's consideration is the car.
(d) Capacity of Parties:
Capacity of parties refers to each party who is entering a contract. Each is required by law to have the mental and intellectual capacity to understand the terms of the contract and to make the decision to enter it.
Capacity of parties refers to each party who is entering a contract. Each is required by law to have the mental and intellectual capacity to understand the terms of the contract and to make the decision to enter it.
(e) Social Agreement:
Like a domestic agreement, a social agreement where the intention of the parties is not to enter a lgal relationship never becomes enforceable by law. We as the members of a society may agree to do something which may not be backed by any legal enforceable intentions.
(f) Domestic Agreement:
A domestic contract is an agreement reached between two people living in a family. relationship, which outlines their particular rights. and responsibilities.
(g) Void Agreement:
Void agreements are basically those agreements which are not enforceable by law. An agreement can becomes a void agreement due to many reasons such as absence of consideration, an agreement with a minor, an agreement whose object is unlawful and many more.
(h) Valid Contract:
An agreement enforceable by law is a valid contract. In a valid contract, all the parties are legally bound to perform the contract.
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