The document outlines the key criteria for forming a valid contract: 1) there must be an agreement consisting of an offer, acceptance of that offer, and consideration; 2) the agreement must involve free consent from the parties who are competent to contract; and 3) the consideration and purpose of the contract must be lawful and the contract cannot be expressly declared void. Additional statutory requirements may also apply depending on the type of contract.

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Contract Basics
| Kiran (BS) Bettadapur |

2. Agreement?
 Proposal (Offer)Proposal (Offer)
 AcceptanceAcceptance
 ConsiderationConsideration
 Zero? (NudumZero? (Nudum
Pactum)Pactum)

3. Valid Agreement?
 LawfulLawful

4. Dinner Invitation?
 StatementStatement
 No acceptanceNo acceptance
 AssumedAssumed
acceptance, if noacceptance, if no
reply by...reply by...

5. Bank Heist
 Free ConsentFree Consent

6. Car Dealership
 Competent toCompetent to
ContractContract

7. Arms Export
 Expressly DeclaredExpressly Declared
VoidVoid

8. Criteria For Valid Contract
Agreement (Offer +Agreement (Offer +
Acceptance +Acceptance +
Consideration) with:Consideration) with:
 Free ConsentFree Consent
 Parties CompetentParties Competent
to Contractto Contract
 Consideration =Consideration =
LawfulLawful
 Not ExpresslyNot Expressly
Declared VoidDeclared Void
 StatutoryStatutory
Requirement:Requirement:
Contract in Writing,Contract in Writing,
e.g., MoA, Trust,e.g., MoA, Trust,
Sale DeedSale Deed
 Witnesses:Witnesses:
Registration ActRegistration Act

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Thank You!

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Thank You!