What is contract explain the three main characteristics of contract?
Similarly one may ask, what are the 3 elements of a contract?
The requisite elements that must be established to demonstrate the formation of a legally binding contract are (1) offer; (2) acceptance; (3) consideration; (4) mutuality of obligation; (5) competency and capacity; and, in certain circumstances, (6) a written instrument.
Furthermore, what is agreement and its characteristics? Characteristics of Agreement This means that the parties to the agreement must agree upon the same thing in the same sense, as it was intended, with respect to their corresponding rights and duties, concerning the performance of promises in the past or future.
One may also ask, what are the characteristics of valid contract?
Features of Valid Contract. Features of Valid Contract can be clearly known under the heads Consensus ad idem, Certainty, Free Consent, Capacity of Parties, Consideration, Legal Formalities, Lawful Object, Legal Obligations, Possibility of Performance and, Agreements not declared void.
What makes a contract null and void?
A null and void contract is a formal agreement that is illegitimate and, thus, unenforceable from the moment it was created. A null and void contract is a formal agreement that is illegitimate and, thus, unenforceable from the moment it was created.