What are the 9 element in a contratct to make it valid
Answers
The basic elements of a valid contract include the following:
(1) offer : An offer is a two way promise to act or refrain from acting, made in exchange for the same thing in return.
(2) acceptance : Acceptance must generally be made in the manner specified by the offer.
(3) consideration : Each party is liable to provide something of value that persuades the other to enter the agreement.
(4) mutuality of obligation : Both parties must be bound to perform their obligations or the law will treat the agreement as if neither party is bound to perform.
(5) competency and capacity: The person entering a contract possesses complete legal capacity to be held liable for the duties is entitled to undertake, unless the person is a minor, mentally unstable, or intoxicated.
(6) a written instrument: It is not necessary for every contract to be in writing in order for it to be to valid and binding on both parties. But nearly every state legislature has enacted a body of law that identifies certain types of contracts that must be in writing to be enforceable.