The elements of a contract are the crucial components that make up any legally binding agreement. These key components include an offer, acceptance, consideration, capacity of both parties to enter into a contract, and intentions of both parties to create legal relations. Additionally, a contractual agreement requires mutual consent with all its terms and conditions. All these elements must be present for a contract to be considered valid and enforceable in a court of law. All in all, each contractual agreement should clearly outline the roles and responsibilities of the involved parties to ensure clarity and compliance.