Acceptance is the last act necessary to complete the contract. Acceptance is the last act necessary to complete the oral contract.Consideration is the agreement to give up something in exchange for receiving something. It is an essential element for forming a legally binding contract. In order to have a fair and lawful trial, there are rules that all jurors must follow. In order for an acceptance of an offer to be effective, it must be made while the offer is still open. A binding, legally enforceable contract can be in writing or oral. Oral contracts are agreements that have been spoken, but not written.