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.