Ingredients of Valid Contract, By Adv. Sandigdha Mishra. advsandigdha@paydirtprofessionals.com

A Contract is a legally binding agreement that exists between two or more parties to do or abstain from doing something. There are more aspects to a valid contract than just agreeing to some terms and signing a piece of paper. In fact, a valid contract is made up of several elements and, if any of the required elements are missed, the contract could be considered invalid and incapable of being enforced. A contract is an exchange of an act or promise between two or more individuals or business entities. It involves one party (or a group of parties) offering something of value to another party (or group) as payment for a service, item, action, etc. For instance, Residential Lease is a contract between a landlord and tenant in which the tenant pays the landlord rent in exchange for a place to live. According to section 2(h) of the Indian Contract Act,1872, ‘An agreement which is enforceable by law is a Contract’. Salmond- “ A contract is an agreement creating and de...