Contract law simple

  • Essential elements of a valid contract

    Those seven elements are:

    1. Identification (Defining all the parties involved)
    2. Offer (The agreement)
    3. Acceptance (Agreement mirrored by other parties)
    4. Mutual consent (Signatory consent of all parties)
    5. Consideration (The value exchanged for the offer)
    6. Capacity (Legal/mental competence of all parties)

In legal terminology, a simple contract is an agreement made by two parties. If one of the parties doesn't act within the terms of the written agreement, the other may choose to sue for damages. If there has been a contract breech that resulted in some type of damage, the judge may reward those damages to the injured party.

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