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How to form a valid contract with 4 Key elements

20th November, 2019

A legally binding agreement between two or more parties is treated as a contract. As a Quantity Surveyor, it is essential to know critical elements for the formation of a valid contract. Those four crucial elements of a valid contract can be listed as follows.

  1. there must be an agreement between the parties; and
  2. the agreement made between the parties must be absolute and final; and
  3. the parties must intend their agreement to be legally binding; and
  4. the agreement must either be contained in a deed or be supported by consideration

4 Key elements to form a valid contract

Below listed are the essentials to create a valid contract.

  1. Offer
  2. Acceptance
  3. Intention to create legal relations
  4. Consideration
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