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CSEET · Business Laws and Management · Elements of Law of Contracts

Under Section 10 of the Indian Contract Act, 1872, 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 expressly declared void. Which of the following is therefore an essential of a valid contract under this section?

Free consent of parties competent to contract is an essential under Section 10. The section also requires lawful consideration and lawful object, and the agreement must not be expressly declared void. Registration, witnesses or stamp paper are not universal requirements and arise only where another law demands them.

  1. AFree consent of parties competent to contractCorrect
  2. BRegistration of the agreement in every case
  3. CPresence of at least two witnesses in every case
  4. DExecution of the agreement on stamp paper in every case

Explanation

Section 10 lists free consent of competent parties, lawful consideration, lawful object and not being expressly declared void. Registration, witnesses and stamp paper are not general requirements; they apply only where some other law requires them, as the second paragraph of the section preserves.

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