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BUSINESS LAW CHAPTER NO.1 (CONTRACT AND ITS KINDS) ESSENTIALS OF VALID CONTRACT Section 2(h) .A valid contract is an agreement which is binding and Enforceable .In valid contract all the parties legally bound to Performed the contract. 1. PROPOSAL : For valid contract proposal is necessary. There are two Parties in proposal. e.g.: A says to z that he will sell his cycle to him for Rs. 2500. This is A proposal. 2. ACCEPTANCE : When the promise significant the willingness then Proposal is said to be acceptance. e.g.: A says to z that he will sell his cycle to him for Rs. 2500. This is A proposal. If z accepts this offer there is an acceptance. 3. AGREEMENT : After the acceptance or offer it will be only promise. For the valid contract there must be an agreement enforceable by Law. 4. WRITTING AND REGISTRATION (AGREEMENT IN MUST BE IN WRITTING): (PAGE NO.5 WITH EXAMPLE) 5. LAWFUL CONSIDERATION (LAWFUL AGREEMENT): (PAGE NO.4 WITH EXAMPLE) ...