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A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

Although 18 years is the legal contract age in most states, there are several exceptions?such as the case of emancipation. If the minor hasn't reached the legal contract age but is granted legal status by a court of law, he/she may enter into contracts.

For a contract to be valid and recognized by the common law, it must include certain elements? offer, acceptance, consideration, intention to create legal relations, authority and capacity, and certainty. Without these elements, a contract is not legally binding and may not be enforced by the courts.

A basic binding contract must comprise four key elements: offer, acceptance, consideration and intent to create legal relations.

Generally, where it is proven that an agreement was made, the agreement will be deemed as a legally binding contract if the six elements to a contract are present. The six elements are Offer, Acceptance, Consideration, Intention, Capacity, and Legality.

And even though contracts are infinitely varied in length, terms, and complexity, all contracts must contain these six essential elements. Offer. Acceptance. Awareness. Consideration. Capacity. Legality.

The Three Elements of an Enforceable Business Contract The Offer. The first element of a valid contract is an offer. One party makes an offer to another party.The Acceptance. When an offer is made by one party, the offer must be accepted by the other party for the contract to be valid.Consideration.

Minors (those under the age of 18, in most states) lack the capacity to make a contract. So a minor who signs a contract can either honor the deal or void the contract.

A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.