5 Essentials of Valid Contract

The Code 2074's elements (the classical six, the Code's own design): 1. Agreement: offer and acceptance (the Code's formation rules — Unit 3); 2. Capacity: the parties competent (Section 506's design: every natural person prima facie competent — except minors (below 18), persons of unsound mind, and persons disqualified by law — Unit 3's detail); 3. Free consent: no coercion, undue influence, fraud, misrepresentation (the Code's consent chapter — Unit 5); 4. Lawful object-and-consideration: nothing illegal, immoral or against public policy (Unit 5); 5. Certainty-and-possibility: the terms certain, the performance possible (Units 2 and 5); 6. Formalities where prescribed: the written-and-registered forms for the defined transactions (the Code's formality rules; the attestation practices — the ward-office attestation for the defined value-thresholds as the practice's rule of caution). The fuller judicial statement: Tularatna Bajracharya v. Tara Shrestha Patravansh (NKP 2077, Vol. 8, D.No. 10548 — the Larger Full Bench): the essential-elements restatement — the Court's authoritative synthesis of the valid contract's requirements (the case to master for this course). Consideration's special position in Nepal: the classical "no consideration no contract" (nudum pactum) tradition (the prescribed Chitra Bahadur Karki v. Maniram Agrwal, NKP 2071, Vol. 10, D.No. 9264 — the meaning-of-contract/no-consideration-no-contract annotation) vs. the Code 2074's design (consideration not enumerated as the contract's definitional element in the common-law style — the doctrinal…