Indian Contract Act 1872 defines contract as "An agreement enforceable by law" According to Section 10 of the Contract Act "All agreements are contract if they are made by free consent of the parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared as void" Hence the important elements of a valid contract are : Free consent : which means consent should not be obtained by coercion, undue influence, fraud or misrepresentation. Competent parties : i.e a person of unsound mind or a minor cannot be a party in the contract. Lawful consideration : example if a person enters into a contract to sell smuggled goods then the contract is void. Lawful object : example a and b enters into a contract for the division of gains acquired or to be acquired by fraud. The agreement should not be expressly declared as void example agreement in restraint of marriage. Important Sections Section 2(i) An agreement which...