Essentials of a valid contract | Essential elements of a valid contract | Indian Contract Act, 1872
Hey Everyone!!
In this video we will discuss the Essential elements of a valid contract as per the "Indian Contract Act, 1872". We will be covering the basics of "contract law" and the "Essential elements" that are required for a contract to be considered legal and binding. We will also discuss contract "formation and the validity of contracts" under Indian law. This video will help you to understand the "basics of contract law" and the importance of ensuring that a contract is valid, before entering into it.
We will be explaining "the key concepts and terms used in the Indian Contract Act, 1872" such as offer, acceptance, consideration, capacity to contract, agreement and valid contract to help you to understand the process of "contract formation". We will also be discussing the importance of understanding "the legal consequences of entering into a contract that is not valid", "essential elements of valid contract" as per S-10 of "Indian Contract Act", 1872 and how to avoid mistakes that make the "agreement" "void" and "voidable". In this video you will understand the basics of "valid and enforceable agreement".
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Over view:-
00:00 intro
00:13 Enforceable by law.
00:59 Agreement.
02:37 Free Consent.
08:46 Competent to contract.
09:22 Mohori bibi V. Dharmodas Ghosh
11:07 Lawful consideration and object.
12:17 Expressly declared to be void.
19:30 Intention to create legal obligation.
20:33 Balfour V. Balfour
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