Forums » Life Insurance


General Requirements for a contract:

    • 144 posts
    March 2, 2014 3:57 PM IST


     

    Valid:

     

    A valid contract is one that is enforceable at law.
     

    Void:

     

    A void contract is one that was never enforceable at law.
     

     

    Voidable:

     

    A Voidable contract is one in which a party has the right to avoid obligations under the contract

    without incurring legal liability.
     

    The formation of a valid informal contract, such as a life or health insurance policy, involves four

    general requirements:

     

    The parties to the contract must manifest their mutual assent to the terms of the contract.

     

    The parties to the contract must have contractual capacity.

     

    The parties to the contract must exchange legally adequate consideration.

     

    The contract must be for a lawful purpose.
     
    Mutual Assent:

     

    The requirement of mutual assent is met when the parties reach a meeting of the minds about

    the terms of their agreement.

     

    For life and health insurance policies, as well as for other contracts, the parties reach this

    meeting of the minds through the process of offer and acceptance in which one party makes an

    offer to contract and the other party accepts that offer.

    • 28 posts
    March 3, 2014 5:51 PM IST
    T ghosh you are good for posting insurence.every peaple must need to insurence in there life like treveling,bussinesing,seff life and anything.
    • 144 posts
    March 4, 2014 10:17 PM IST

    thanks ! dinesh

    • 28 posts
    March 5, 2014 6:36 AM IST
    Walcome

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