To Make any deal with someone you need a valid contract. A Written or properly expressed agreement is the backbone of making a business deal to provide a product or service. once a contract made its not giving any confirmation that it is a valid contract. all the contract are not ensure legal binding upon the parties to be enforceable by law. only the valid contract are legally binding for the parties. and they can take legal action upon violation of breach of contract. a valid contract contains some essential elements which must be present in the time of making a contract. if a contract can fulfill this all the element than we can say that this is a valid contract. So, In This Article you will know how to make a valid contract and what are the elements required to be a valid contract according to contract law.
Process of Making a Valid Contract
- At First There must be two parties willingly interested to make any deal or agreement together.
- to be a valid contract there must have to be a offer from one party regarding any product, services or it can be for performing any specific task.
- there must have to an acceptance from the other party agree to do receive that product, services or agree to perform that specific task.
- once this offer acceptance confirmed by the both party it must have to be in written format for future documentation. contract agreement deed can be the proof of such a contract.
- there must have to take a consideration or the money or something else exchanged as a part of interest from the both parties.
- make sure that all the terms and condition of the contracts are clearly written and expressed in the contract deed.
- make sure that you are not violating the local law or making any contracts by such a product or service or task which are the matter of crime and illegal by the law of that country.
- signing of both parties with some witness in the contract deeds.
- That’s it, You are Done.
Elements of A Valid Contract According to Contract Law Given Below:
- An Agreement by the Proper Offer And Acceptance
- Willingness or Intention to Create Legal Relationship By An Agreement
- Agree to Make Legal Consideration by Exchange of Money or something else
- Capacity of the Parties to perform the contract.
- Free bonafide consent of the parties
- object of contract must not violate the existing law.
- Written Documents with Terms Condition And Time to Finish the Contract.
- Signature of Both Parties on a contract.
is a verbal contract binding and can be enforceable by law?
Yes, an oral or verbal contract fulfilling those requirements is obviously a valid contract until and unless written agreement and registration of that contract is required by statute. but it is so much difficult to prove this types of contract in court.