Concept and Nature of Contracts in Shariah

According to Shariah, a contract must have some pre-requisites. The first one is the existence of a minimum of two parties. Second, the offer and acceptance, namely the form of contract. The third requirement of a contract is the subject matter. There are some pre-requisites for the subject matter such as the requirement of being existent, known in terms of quality, quantity and being possessable. Lastly, a contract must be executable or do-able within the normal business environment.

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