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VALID CONTRACTS

For a Contract to be legally binding it must meet certain criteria prescribed by the Indian Contract Act 1872.  The Contract should contain an offer by one party which should be accepted by the other party. Each party’s consent should be freely given with regard to the specifications mentioned in the contract. Consideration i.e. both parties should receive something in return for performing their respective duties set forth in the contract.  The object/intention/purpose of the contract should be lawful in nature.  The parties who enter into a contract must be 18 years or older and of sound

 

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