Under the Indian Contract Act, what is a key element for a valid contract?

A key element for a valid contract under the Indian Contract Act is the free consent of both parties. This means that each party must agree to the terms of the contract without any coercion, undue influence, misrepresentation, or fraud. Free consent ensures that the agreement is made voluntarily and that all parties have a clear understanding of and willingness to engage in the terms set forth.

While written documentation can support a contract and provide clear evidence of the agreement, it is not always necessary for a contract to be valid; many contracts can be oral. The presence of a witness during signing may add credibility but is not a requirement for a contract to be deemed valid under the law. Similarly, adherence to local laws is important for enforceability, but the fundamental principle of free consent remains paramount in establishing a valid and enforceable contract.