BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Answer: Illegal consideration is not an essential elements of a valid contract.

Detailed explanation-2: -The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.

Detailed explanation-3: -For a contract to be valid and recognized by the common law, it must include certain elements-offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.

Detailed explanation-4: -Consideration not required As per the view of the Indian Contract Act, even consideration is not an essential element for the creation of an Agency; hence no consideration is required to be presented while the formation of an agency.