According to section 2h of Indian contract act 1872, Accedence enforceable by law is kenned as Contract. And an acquiescent is defined in section 2e of the Indian contract act as every promise and every set of promises, composing the consideration for each other is an accedence.
The essentials of a contract are: –
One should ascertain that all these are valid when they are away from Fraud, coercion, undue influence, misrepresentation. Additionally, the contract should be among the parties who are competent to contract. i.e.
1. Person should be above 18 years of age
2. Person should be mentally stable
3. And should not be disqualified from contracting by any law
Essentials of contract in detail: –
- Offer – An offer is defined under Section 2(a) of The Indian Contract Act (hereinafter, ICA) as: When one person betokens to another his inclination to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is verbalized to make a proposal.
- Acceptance – The Indian Contract Act 1872 defines acceptance in Section 2 (b) as “When the person to whom the proposal has been made designates his assent thereto, the offer is verbalized to be accepted. Thus, the proposal when accepted becomes a promise.”
- Consideration – According to section 2(d) of the Indian Contract Act “when at the desire of the promisor, promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to abstain from doing something, such act or abstinence, or promise is called a consideration for the promise.”