BUS670WK3ASMT

Elements of a Contract

            A contract is an agreement voluntarily entered by two or more parties so as to create a legal obligation and bind the persons entering in the contract. The essential elements of a contract consist of the offer, the acceptance of the offer, and the legal consideration of the contract.A contract is entered between two or more legal parties who are capable of entering into contract.  Considerations must be involved in a contract because no one is ready to do things for others for free of cost. A contract may be in writing or it may be an oral agreement, it depends on nature of contract and mutual consent of parties. The problem with enforcing an oral contract is proving its
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