ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Offer And Acceptance. A Contract always involves two or more parties where one proposes and other accepts. Lawful Consideration. Intention Of Giving Rise To Legal Obligations. Capacity. Free Consent. Lawful Object. Agreements Not Expressly Declared Void. Possibility Of Performance.

Detailed explanation-2: -A valid contract should have all essential elements including offer, its communication, meeting of minds, acceptance, communication of acceptance, consideration, capacity, legality.

Detailed explanation-3: -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.

Detailed explanation-4: -A legal contract must have a lawful purpose, mutual agreement, consideration, competent parties, and genuine assent to be enforceable.

Detailed explanation-5: -To ensure you have a legally binding contract, there are five essential elements that must be present in any contract: offer, acceptance, consideration, intention and capacity.