The essentials of a contract according to the legal system of Sri Lanka are as under:
- agreement between the parties;
- actual or presumed intention of the parties to create a legal obligation;
- due observance of prescribed forms or modes of agreement;
- legality and possibility of the object of the agreement;
- capacity of the parties to contract; [Weeramantry, page 81].
Note: The Common law doctrine of “consideration” does not apply to civil law systems, such as the Roman Dutch law