Discuss the process involved in the Formation of a Contract alongwith the essentials of a valid Contract

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The formation of a contract involves a series of steps and requirements to ensure that the agreement between parties is legally valid and enforceable. Here is an overview of the process involved in the formation of a contract and the essentials of a valid contract:

1. Offer: The first step in the formation of a contract is the offer. An offer is a proposal made by one party to another, indicating a willingness to enter into a legally binding agreement. The offer must be clear, definite, and communicated to the other party.

2. Acceptance: Once an offer is made, the second party must accept the offer in order for a contract to be formed. Acceptance must be unambiguous and in accordance with the terms of the offer. It must also be communicated to the party making the offer.

3. Consideration: Consideration is an essential element of a valid contract. It refers to something of value exchanged between the parties, such as money, goods, services, or a promise to do or refrain from doing something. Consideration ensures that both parties have provided something of value and have a mutual obligation under the contract.

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Degree : CERTIFICATE PROGRAMME
Course Name : Certificate in Co-operation, Co-operative Law & Business Laws
Course Code : CCLBL
Subject Name : Business Law as applicable to Cooperatives – I
Subject Code : BLE 13
Year : 2023