ESSENTIAL ELEMENT OF CONTRACT

As given by Section 10 of Indian Contract Act, 1872

There are two ways to discriminate elements.

One given by Sec. 10 of Indian Contract Act, 1872

1) Agreement                                                              

2) Free consent                                                             3)Competency of the parties                                       

4) Lawful consideration                                               

5) Legal object                                                             

6) Not expressly declared to be void.

And second not given by Sec. 10 but still useful 

1) Two Parties
2) Intention to create legal relationship  
3) Fulfillment of legal formalities 
4) Certainty of meaning 
5) Possibility of performance  

Essential element of contract not express in sec.10 of contract act, but important in contract.

1) Two parties:-

                            A single /one party cannot making /doing a contract with himself. So for at least .One gives the offer becomes offeror and another accept this offer becomes offeree.

2) Create legal relation:-

                                             For making a contract there must be legal relation between the parties and this legality is decided by law and in this domestic type of agreement not form a contract there must be an existence of commercial agreement for not making the contract void.

3) Legal formalities:-

                                      In certain cases there must be an agreement in writing if party makes contract in orally in certain cases  this agreement /contract becomes void;

 eg. Agreement of insurance and agreement of immovable property are example of this.

4) Performance of contract:-

                                                    In the contract is not performed or impossible to perform this type of contract becomes void and if the performance is possible than the contract is said to be valid

Eg:- A is a tantrik baba ,B comes into A’s contract and said if he gave him a degree of B.COM. and MBA .he gave him 5 lakhs Rs. And tantric baba acceptes this contract,which is impossible and becomes void.

5) Certainty of meaning:-

                                              Agreement must be certain and uncertain.

Eg:-A agree to give 10 tons oil to B. this is a uncertain agreement in this oil quality or specification not described.

#As per sec.10 of contract act these elements as follow.

1)Agreement/offer and acceptance:-

                                                                   As per sec.2(e) of contract Act,1872"Every promise or a set of promises, forming consideration is known as agreement and when the proposel is made to whom signifies his assent ‘ to do’ or ‘not to do’ something if  accepted ,when accepted becomes promise.

2) Consideration :-

                                 When a party gives something to other party and other party return consideration to same party in terms of money and something this is known as ‘quad pro quo’ In this one party receive benefit, profit, assets and other party takes liabilities, loss and debts is known as consideration.

3) Free consent:-

                              When party enter into the contract and both party consent free from coercion ,undue influence,  mistake ,fraud and misrepresentation then we say the contract is free from  any trouble and consent is free.

4) Lawful consideration& object:-

                                                           The consideration and object of our contract must be lawful, lawful means free from word that is opposed to public policy& illegal agreement. The contract must be enforceable by law if the object of agreement is lawful .but if unlawful object seen in contract ,the contract is void. void mean can not be enforce in court.

5) Capacity:-

                       The party must have capacity to making a contract and capacity of party given by court that is

1)A major can enter in a contract.

2) Sound mind party can enter into a Contract .

3) If Person not disqualified by law then the party can enter in a Contract.

                              

Here is our various definition of CONTRACT  on our next page

   click here - https://contractualrelation.blogspot.com/2020/03/the-indian-contract-act-1872-per-icai.html