Question

What are the essential elements of a contract? Make sure you fully explain what each of these elements are and why they are all needed to make a contract valid and enforceable. Your initial post of at least 250 words

Answer 1

Essential elements of a contract includes

1. Offer and acceptance: Any contract must include an offer from one side and acceptance of the offer from the other side with exchange of some value between the parties.

2. Free will: Both the parties must enter a contract willingly and full consent. No party must be forced to enter the contract . For example no person must be manipulated and forced to sign a contract just because they are obliged to do so .

3. Legal formalities: The contract must be legal and no illegal ways must be followed while making the contract . Every legal procedure must be completed and the contract must be legalised properly with the signatures of both the parties.

4. Capacity and credibility : Both the parties must be in a position to fulfill the contract and they must show proper eligibility criteria . No contract must be made beyond what a party can fulfill.

5. Every contract must have witnesses when the parties are making the contract and must be done in legal manner fulfilling all the requirements .

When a contract satisfies all these requirements, the contract is said to be legal and valid.