Six Elements of Contract

There are six basic elements for a contract to be legally enforceable:

Offer: An expression of willingness to contract on specified terms.

Acceptance: A final and unqualified expression of assent to the terms of an offer.

Intention: Contract parties must intend their agreement to be legally bound on the basis of their common understanding at the formation of the contract.

Consideration: Something of value which is given for a promise and is required in order to make the promise enforceable.

Capacity: The contract parties must be mentally capable of entering into the legally binding agreement.

Legality: The purpose and content of the agreement must be legal in order for the contract to be legally enforceable.

You can learn more about this topic with our C ontract L a w notes.

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