Element Of A Contract
A contract is an agreement between two or more parties that creates obligations that are enforceable by law. A contract definition typically includes the following elements:
– Offer: A proposal by one party to another that sets forth the terms of an agreement.
– Acceptance: An acceptance of an offer by a party who has the legal capacity to enter into a contract.
– Consideration: Something of value given by each party to the contract in exchange for the performance of the other party.
– Mutual Assent: The meeting of the minds of the parties to the contract, indicating an intention to be bound by its terms.
– Capacity: The legal ability of each party to enter into a contract.
