Valid Contract

VALID CONTRACT: A valid contract is that in which all the parties are legally bound to perform the contract. It is a contract which can be enforced by either of the parties. If either party refuses to perform the contract, the other can enforce it through a court. To be enforceable, an agreement must possess essentials of a valid contract. ESSENTAILS OF A VALID CONTRACT: According to section 10, all agreements are contracts if they are made by the free consent of parties, competent to contract, for a lawful consideration & with a lawful object, & are not declared to be void. The agreements must satisfy the requirements of law regarding writing, attestation, & registration. The essentials of a valid contract are as follows: 1-OFFER: Section 2(a) defines a proposal as, “when a person shows his willingness to do or not to do something to obtain the consent of other person. It is called proposal or offer .because the word offer in English law is similar to the word proposal in Pakistani law. But the word offer is usually used in our daily life. The person making the offer is called the offeror or promisor .The person to whom the offer is made is called the offeree. EXAMPLES: • AHMAD sells his car to WAJID for Rs. 2000.AHMAD makes an offer to WAJID. • SOMI promises to sell her laptop to SAWEERA for Rs.60000.SOMI makes an offer to SAWEERA.