Legally Binding Contract
In order for a contract to be legally binding, it must contain four essential elements: offer, acceptance, consideration, and intention to create legal relations. If one of these elements is missing, the contract is not legally binding.
An offer is an expression of willingness to contract on certain terms, made with the intention that it will become binding as soon as it is accepted by the person to whom it is addressed (the offeree). An acceptance is an unqualified agreement to all the terms of an offer. Consideration is something of value given by each party to the other in exchange for their promises under the contract. It can take the form of money, goods, services, or a promise to do or not do something. The final element, intention to create legal relations, means that both parties must have intended for the agreement to be legally binding and enforceable. This can usually be inferred from the language used in the contract or from the circumstances surrounding its formation.