What are the 7 essential elements of a contract?

The 7 essential elements of a contract are the offer, acceptance, meeting of the minds, consideration, capacity, legality, and sometimes a written document.3 min read updated on February 01, 2023 Updated December 4, 2022: Contracts are legal agreements between two parties or more.

What makes a contract legally enforceable?

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.

What makes a valid contract?

To provide a full picture of what makes a valid agreement, we will cover two important areas in contract law: (A) essential elements of a contract, and (B) privity of the contract. Most people assume that once one party has made an offer and the other party has accepted, a contract has been formed.