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Contract, Guarantee & Bailment
What are the essential elements of a valid contract under the Indian Contract Act, 1872?
A valid contract requires offer, acceptance, consideration, competent parties, free consent, lawful object, and certainty of terms. All these elements must be present simultaneously for the contract to be enforceable.
What is an offer under the Indian Contract Act, 1872?
A proposal by one party to another to do or abstain.
Who is considered a 'competent party' to enter into a contract under the Indian Contract Act?
A person is competent to contract if they have attained the age of majority (18 years), are of sound mind, and are not disqualified by any law. Contracts with minors are void ab initio.
What makes an acceptance legally valid under contract law?
Acceptance must be absolute, unqualified, and communicated to offeror.
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