Accountancy, asked by sai1646, 1 year ago

essentials of a valid contract and essentials elements of lawful consideration is same or not?​

Answers

Answered by babushall
0

no both are different

the following are the Essential elements of a valid contract : agreement

legal relationship

lawful consideration

capacity of parties or competency

free consent

lawful object

certainly and possibility of performance

legal formalities

the following are the Essential elements of a valid consideration

consideration should be something desired by the promiser

it can be either be given by the promisee or any other person

consideration is essential to the contract consideration may be positive or negative consideration may be in any form

consideration need not be adequate consideration should be real

consideration should be lawful in the eyes of law

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