Discussion
Following are essentials of valid contract :
(i) Parties to contract should have capacity to contract.
(ii) Parties to contract should have legal mind.
(iii) Parties to contract should be intelligent.
(iv) Invitation to offer should be accepted. Find correct answer, using codes :
Answer: A
Only statement (i) is correct.
Capacity to contract is an essential of a valid contract under Section 10 of the Contract Act, which requires parties who are competent to contract.
A legal mind and intelligence are not required, and an invitation to offer is not accepted at all, since it only invites offers. So statements (ii), (iii) and (iv) are wrong. The rule of Section 10 also requires free consent, a lawful consideration and a lawful object, which are not in the options.
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