Question

what is contract? explain the essentials of a valid contract?​

Answer 1

Explanation:

1. Offers and Acceptance: For a contract to be valid there must be a lawful offer by one party and lawful acceptance by another party.
2. Legal Relationship: For a agreement to be valid, the parties must create legal relationship.

Answer 2

• A contract is a legally binding document that recognizes and governs the rights and duties of the parties to the agreement.

• A contract is legally enforceable because it meets the requirements and approval of the law.

• A contract typically involves the exchange of goods, service, money, or promise of any of those.