What are the elements of a valid contract
What are the elements of a valid contract entering into a contract?
Expert
For a valid contract to exist, seven elements must be present:
1. An intention to create legal relations: The parties must have intended to create a legally enforceable agreement.
2. Offer: One party indicates its intention to enter into a contract on certain terms.
3. Acceptance: The other party agrees to enter into the contract proposed by the offeror.
4. Consideration: When conveying acceptance, the offeree promises something of value to the offeror.
5. Certainty of terms: The parties must reach agreement on all of the essential terms in the contract.
6. Capacity to contract: The parties are legally permitted to enter into the contract.
7. Legality: The purpose of the contract is legal.
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