What are the essential elements of a valid contract?

Question

Accepted Answer

Essential elements of a valid contract include offer, acceptance, consideration, intention to create legal relations, capacity, and legality of purpose.

Offer: One party must make a clear offer to the other party.
Acceptance: The other party must accept the offer.
Consideration: There must be something of value exchanged between the parties.
Intention to create legal relations: Both parties must intend for the contract to be legally binding.
Capacity: Both parties must have the legal capacity to enter into a contract.
Legality of purpose: The contract's purpose must be legal.
Example: A offers to sell their car to B for $10,000. B accepts the offer and pays the consideration. Both parties intend for the contract to be legally binding, have the capacity to enter into the contract, and the purpose of the contract is legal.

What are the essential elements of a valid contract?

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