Contractual Element Definition
In order for a contract to be legally binding, it must contain certain elements. These elements are essential in order to create a valid, enforceable contract. The following is a list of the key contractual elements that must be present in order for a contract to be considered valid:
1. Offer: There must be an offer made by one party to another. This offer must be clear and unambiguous, and it must be communicated to the other party.
2. Acceptance: The other party must accept the offer in order for there to be a contract. This acceptance must also be clear and unambiguous, and it must be communicated to the first party.
3. Consideration: Both parties must exchange something of value in order for there to be consideration. This can be anything from money to goods or services.
4. Intent: Both parties must have the intention of creating a legally binding contract. This intention can be shown by their actions and/or words.
5. Capacity: Both parties must have the legal capacity to enter into a contract. This means that they must be of legal age and sound mind.
6 . Legality: The contract cannot involve anything illegal or against public policy
