A contract is a legally binding or valid agreement between two parties. The law will consider a contract to be valid if the agreement contains all of the following elements:
- Offer and acceptance.
- An intention between the parties to create binding relations.
- Consideration to be paid for the promise made.
- Legal capacity of the parties to act.
- Genuine consent of the parties. and
- Legality of the agreement.
An agreement that lacks one or more of the elements listed above is not a valid contract.
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