Elements of contract
The offer or agreement must be clear and complete in all sense.
Both parties should communicate to ensure there is no lapse in the contract act.
Both the offer and acceptance must be "consensus ad idem", meaning, both parties must comply with the same thing..
What are the 5 characteristics of a valid contract?
For a contract to be valid and recognized by the common law, it must include certain elements— offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty.
Without these elements, a contract is not legally binding and may not be enforced by the courts..
What is a valid contract example?
A valid contract is one that meets the basic elements of contract law.
For example, you sign to buy a blue house, and the house is blue; thus the contract is valid..
- It is possible for a contract to last indefinitely.
In contrast to fixed-term contracts which outline an explicit end date, some contracts, like HR contracts, last indefinitely.
But this doesn't mean that the contract cannot be terminated.
