That doesn’t mean it needs to be valuable. promise to provide something else of value.Consideration: Each party provides consideration to the other.Acceptance: The other party accepts the offer.To make a legally binding contract, 5 elements must be satisfied: offer, acceptance, consideration, intention and capacity: The rules apply to oral contracts as well, and those formed by conduct of the parties. Many businesses make the mistake that if there is no written contract, there cannot be a contract. Some contracts must be in writing to be enforceable. The basic principles of formation of contract govern formation all contracts, whether you: A contract is a legally binding agreement between at least two parties.
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