What elements are required for a legally valid contract?

The 5 elements of a legally binding contract are made up of:

An offer.

Acceptance,

Consideration.

Mutuality of obligation.

Competency and capacity.

Sometimes additional components are involved to protect the interests of all the parties.

A contract involves two or more parties who are competent to enter into a legally binding agreement. While a contract can be verbal or implied, it is usually in writing. If a contract is enforceable, a court can compel the parties to follow through on what they agreed to in the contract.

A legally enforceable contract is more than a casual promise between friends. The purpose of a business contract is to place legal requirements on the parties to follow through on the agreement. The legal system is available to mediate if a party breaches the terms of the contract.

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. In some states, element of consideration can be satisfied by a valid substitute.

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