Question: Discuss the basic elements of a valid contract?
The basic elements of a valid contract are: (1) offer, (2) acceptance, (3) consideration, (4) capacity, and (5) legality. An offer is a proposal made by one party to another, while acceptance is the agreement of the other party to the terms of the offer. Consideration refers to the exchange of something of value, such as money or goods. Capacity means that both parties must be legally able to enter into the contract, and legality requires that the contract is not contrary to the law or public policy. All these elements must be present for a contract to be legally binding.
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