What is a contract? Define and list the basic requirements for a contract.

Expert Solution

A contract is a lawful agreement between two or more parties which can be orally made or a written agreement . A contract can be also stated as a set of promises which are offered by both the parties during an agreement period. Under contract, both the parties promises to do something for exchange as a benefit. The contract is an agreement, that details about the rights and duties of the parties to the agreement. A contract is valid when both parties have mutual consent namely "consensus ad idem" (the meeting of minds).

Defnition of contract can be "An agreement between 2 or more parties creating mutual obligations enforceable by law."

About requirements of a contract are as mentioned below;

1. An offer and acceptance should exist.
2. There is a need of mutual consideration between parties.
3. Parties engaging in a contract have to be competent.
4. The purpose of contract has to be purely legal.
5. The contract should have a legal form .

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keosha answered 3 months ago

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