Discuss the process involved in the Formation of a Contract alongwith the essentials of a valid Contract

A contract is a legally binding agreement between two or more parties that creates mutual obligations enforceable by law. The process of forming a contract involves several steps, and the contract must meet certain essential criteria to be considered valid.

Formation of a Contract

Offer: The process begins with an offer made by one party (the offeror) to another (the offeree). An offer is a clear proposal to enter into an agreement, intending to be bound by it once accepted. The offer must be communicated to the offeree, and it must be specific and definite.

Acceptance: The offer must be accepted by the offeree. Acceptance must be unconditional and must mirror the terms of the offer exactly (the "mirror image rule"). If the offeree introduces new terms, it constitutes a counter-offer, not an acceptance. Acceptance must be communicated to the offeror.

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