9 THE INDIAN CONTRACT ACT, 1872 ACT NO. 9 OF 18721 [25th April, 1872.] Preamble—WHEREAS it is expedient to define and amend certain parts of the law relating to contracts; It —is hereby enacted as follows: PRELIMINARY 1. Short title.—This Act may be called the Indian Contract Act, 1872. 3.1 CAPACITY OF PARTIES. As per Section 10, all agreements are contracts, if they are made by the parties competent to contract. The competency of parties is one of the essential elements of the valid contract. The capacity of parties to the contract means the legal ability of the parties to enter into a contract. 3.1.1 Who Are Competent to a Contract? There are 7 elements of a valid contract under Indian Contract Act 1872 :- Proposal and acceptance -There must be minimum two parties for the purpose of creating a Contract. Moreover there must be an offer by one party and acceptance by the other patty.

12 Jul 2019 People making the contract have legal capacity to form a contract. happens in the particular industry or type of work or business that applies. 3. Capacity. 4. Consent. 5. Lawful purpose. Canadian Law 40S. R. Schroeder. 2 In every valid contract, offer, acceptance and Types of Contracts.

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