promise in these words When the person to whom the proposal is made signifies

Promise in these words when the person to whom the

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―Every promise and every set of promises forming consideration for each other. promise in these words: ―When the person to whom the proposal is made signifies his assent there to, the proposal is said to be accepted. A proposal when accepted becomes a promise. From the above definition of promise, it is obvious that an agreement is an accepted proposal. The two elements of an agreement are: 1. Agreement 2. Intention to create legal relationship 3. Free and Genuine Consent 4. Parties Competent to Contract Classification of Contracts Contracts may be classified in terms of their (1) Validity or enforceability, (2) Mode of formation, or (3) Performance . Q. Contractual Capacity ? The minimum mental capacity required by law for a party who enters into a contractual agreement to be bound by it. Common law recognizes three classes of persons who are generally not considered to have sufficient capacity to be bound by their contracts: Legal Disability of a Minor/Infant Legal capacity is defined as the power provided under law to a natural person or juridical person to enter into binding contracts, and to sue and be sued in its own name. In order to be bound by a contract, a person must have the legal ability to form a contract in the first place. This legal ability is
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