Page 53 - Ebook IC S01
P. 53
Survey And Loss Assessment IC-S01
Essential features of a contract
Offer and acceptance
Intention to create legal relationship
Lawful consideration
Capacity of parties-competency
Free and genuine consent
Lawful object
Agreement not expressly declared void
Certainty and possibility of performance
Minor children's cannot enter into contracts
Contracts for minor can be entered into by the parents
Persons of unsound mind and persons who have been convicted for criminal
offences are not competent to contract
Principles applicable to insurance contracts
Utmost good faith
Insurable interest
Subrogation and contribution
Indemnity
Proximate cause
Utmost good faith
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