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    Formation of A Valid Contract: Assignment #1

    Uploaded by

    Ata Mohiuddin Ahmed Khan
    The document discusses the formation of a valid contract under business law. It explains that a valid contract requires a proposal and acceptance between parties to form an agreement, and that the agreement must meet additional requirements including free consent, competence to contract, lawful consideration, a lawful object, and not being void. It then discusses the significance of free consent, noting it is one of the essential elements required for a valid contract.

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    Formation of A Valid Contract: Assignment #1

    Uploaded by

    Ata Mohiuddin Ahmed Khan
    16 views3 pages
    The document discusses the formation of a valid contract under business law. It explains that a valid contract requires a proposal and acceptance between parties to form an agreement, and that the agreement must meet additional requirements including free consent, competence to contract, lawful consideration, a lawful object, and not being void. It then discusses the significance of free consent, noting it is one of the essential elements required for a valid contract.

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    The document discusses the formation of a valid contract under business law. It explains that a valid contract requires a proposal and acceptance between parties to form an agreement, and that the agreement must meet additional requirements including free consent, competence to contract, lawful consideration, a lawful object, and not being void. It then discusses the significance of free consent, noting it is one of the essential elements required for a valid contract.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views3 pages

    Formation of A Valid Contract: Assignment #1

    Uploaded by

    Ata Mohiuddin Ahmed Khan
    The document discusses the formation of a valid contract under business law. It explains that a valid contract requires a proposal and acceptance between parties to form an agreement, and that the agreement must meet additional requirements including free consent, competence to contract, lawful consideration, a lawful object, and not being void. It then discusses the significance of free consent, noting it is one of the essential elements required for a valid contract.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Assignment #1

    BUSINESS LAW

    Formation of a Valid Contract


    &
    Significance of Free Consent

    Submitted to

    SIR RIZWAN HUSSAIN

    Submitted by

    ATA MOHIUDDIN AHMED


    Formation of a Valid Contract
    The formation of a valid contract is explained in the section 2 of the contract act
    of 1872 ,which is divided into three major sections, each section then divided into
    more,

    PROMISE
    This is the initial stage of an agreement, which is divided into two sections i.e.

    Proposal (Section 2.A)


    An agreement starts when someone initiates as showing willingness to start an
    agreement. Person A comes up with a Proposal to person B, showing his initiation
    for an agreement for doing something or to stop it, as to make an offer to earn
    benefit in return or to prevent anything or restraining someone form an act.

    Acceptance (section 2.B)

    Agreement

    Contract
     Free consent
     Competence to contract
     Lawful consideration
     Not expressly declared to be void
     Lawful object

    Significance of Free Consent

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