A contract is an agreement between parties, creating mutual obligations that are enforceable by law. 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.
For a contract to be valid and recognized by the common law, it must include certain elements—
offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.Expanding the above points, we can say that the essential
elements or necessary conditions of an agreement to become a valid
contract are as follows:- More than one party.
Agreement. Intention to create legal relationship. Lawful consideration. Capacity of parties to
contract. Free consent. Lawful object.
Certain essential elements must be present before a written contract is binding, including: identification (names) of the parties, the purpose of the agreement, a detailed statement of the rights and obligations of each party, what each party is giving (e.g., money, products, or services) in exchange for what they’re getting, the term of the agreement (when it starts and when it ends), termination rights (when and under what...
The
elements of a
contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and contract legality. Preferably, the document will be in writing (electronic or on paper).
