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The subject matter of the contract must necessarily be goods: the sale of immovable property is not covered under Sale of Goods Act.
Object of the Agreement The subject matter refers to the object of the contract. If a thing is deemed outside the commerce of man, it will not be accepted as the object of the contract. Contracts are made to transfer the rights of property, render services and others.
Subject Matter Must Be ?Possible Thing? ?The proper consideration of the first requisite, if it is to have a legal significance, is to consider it notin terms of physical existence or non-existence or whether the seller had or did not have ownership thereof at the time of perfection, but whether the subject matter is ...
Subject Matter: The "subject matter" of a contract is the goods or services for which. the parties have bargained, one party providing the goods or services in exchange for something else. No contract is valid unless it contains three essential elements baylor.edu ? services ? document.php baylor.edu ? services ? document.php
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.