Valid Contract

Section 10 of the Contract Act says that all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. So it means that the consent of the party shall be valid where there must be a legal valid consideration and the object. Another important aspect of the contract shall be the offer and acceptance. Consideration has been defined as the, when, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise. All offers must be valid and once accepted, it binds both parties into a valid agreement. The offree is now an acceptor, and thus the agreement is made between an offeror and an acceptor. The adjective lawful suggests that the offer and acceptance must satisfy the recruitments of the contract act in relation.https://www.indiafilings.com/learn/valid-contract/

The Consent shall be free and it shall be not the result of coercion, misrepresentation, fraud, undue influence, and mistake. There must be a lawful object for the consideration. The parties who enter into the contract must be competent enough to enter into the contract. They shall not be minor, insane mind, a person disqualified by law,

Section 29 further states that the agreements, which are not certain, or capable of being made certain, are void. For example, A agrees to sell B “a hundred tons of oil”. There is nothing whatever to show what kind of oil was intended. The agreement is void of uncertainty. (a) A agrees to sell B “a hundred tons of oil”. There is nothing whatever to show what kind of oil was intended. The agreement is void for uncertainty.” Another example can be of, A agrees to sell to B “one thousand maunds of rice at a price to be fixed by C”. As the price is capable of being made certain, there is no uncertainty here to make the agreement void. (e) A agrees to sell to B “one thousand maunds of rice at a price to be fixed by C”. As the price is capable of being made certain, there is no uncertainty here to make the agreement void.

To understand the concept in a better sense we can see the example of supposing A agrees to sell B “all the grain in my granary at Ramnagar”. There is no uncertainty here to make the agreement void. (d) A agrees to sell B “all the grain in my granary at Ramnagar”. There is no uncertainty here to make the agreement void.”

Section 30 also states that the agreements by way of wager are void, and no suit shall be brought for recovering anything alleged to be won on any wager, or entrusted to any person to abide the result of any game or other uncertain event on which any wager is made.” Exception in favor of certain prizes for horse racing.

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