For a contract to be considered valid, it must meet certain conditions, which include:
- Offer: There must be a clear offer made by one party to the other, which can be accepted or rejected.
- Acceptance: The other party must accept the offer, without any conditions or modifications.
- Consideration: There must be an exchange of something of value between the parties, such as money, goods, or services.
- Capacity: Both parties must have the legal capacity to enter into the contract. This means that they must be of legal age, of sound mind, and not under duress or undue influence.
- Legal Purpose: The contract must be for a legal purpose. It cannot be for something that is illegal or against public policy.
- Mutuality: Both parties must be in agreement about the terms of the contract, and there must be a meeting of the minds between them.
If all of these conditions are met, the contract will be considered valid and legally enforceable. However, if any of these conditions are not met, the contract may be deemed void or unenforceable.
