1.2 Essentials of a Valid Contract Now let us discuss the various essential elements of a valid contract. This content is accurate and true to the best of the authorâs knowledge and is not meant to substitute for formal and individualized advice from a qualified professional. o A contract would be valid only if the object and the consideration are legal. Free Consent Introduction: Sec 10 of contract act states "All agreements are contracts, if they are made by the free consent of parties".In order to make a valid contract it is necessary that there should be (a) Consent and (b) Free Consent.For the formation of a contract the parties should either have assented, or be deemed to have assented, to the same thing in the same sense. If you continue browsing the site, you agree to the use of cookies on this website. Three requirements must be met before a contract is valid: 1. 1b) Case study. If anyone of them is missing that agreement cannot be treated as a valid contract. An agreement must have been made by free consent of the parties. Free consent is another essential element of a valid contract. As the manager of the hotel I will perform the duty according to the legal requirements in any case. In the postal rule the contact is complete when the acceptance is send. To assist students in being able to identify and solve authentic legal problems with regard to the negotiation and creation of contracts. Postal rule. #2 Contract I: essential features of a contract KKey factsey facts Offer and acceptance are the ï¬ rst stages in establishing an agreement that may form a legally binding contract. Lawful Object. ⦠In the first case the Contracts Law 1999 and the Sale of Goods act 1979 may be used. ... intothe contract must intend to create legal relations andmust understand that the agreement canbe enforced by law.Case Law: In Balfour V. Balfour, a husband promised to paymaintenance allowance every month to ⦠CASE STUDIES. 29 December 2014 By: Naveen Singhvi 34 In this case a husband (Mr. Balfour) was working in ceylone. When consent is obtained by unfair means, the contract would be voidable. To familiarise students with legal concepts and terminology commonly The contract would be void in case of mutual mistakes. Balfour vs Balfour. 5. 90 Elements of a Contract â¢In an offer and acceptance, the party who initiates, or makes the offer, is known as the offeror; the party to whom the offer is made is known as the offeree. In the case of advertise holiday booking the following legal positions will come into effect. In terms of Section 10 of the Act, âall agreements are contracts if they are made by the free consent of the parties competent to contract, for a lawful consideration and with a lawful object and are not expressly declared to be voidâ. The terms that will bind the parties are included here. Essential Elements for Valid Contracts Contracts that meet all legal requirements are valid and enforceable, which means that either party can hold the other party responsible for his or her agreement. To provide the students with a thorough understanding of the essential elements of a valid contract in South African law. Where parties to contract do not intend to create binding agreement, the agreement cannot be enforced. However, according to the Section 2 of the Contract Law 1999, the third party that is Richard may apply that the liability of this loss lies entirely with the manager Emma. These elements should be present in a contract to make it a valid contract. Essentials of a valid contract 1. â¢In valid contract offers, there must be serious intent on the part of the offeror. valid contract and essential elements of essential contracts Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Formation of a Valid Contract. 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