What is in a contract?

Answer 1

A formal agreement between people or groups enforceable by law.

The Restatement of Contracts (a summary of the prevailing contract laws) defines "contract" as a "promise," the breach of which the law requires a remedy, or the performance of which the law recognizes as a duty.

The formation of a contract requires two essential elements: (1) manifestation of mutual assent (which takes place in the form of offer and acceptance), and (2) consideration (which is a bargained for exchange).

One common misconception is that a contract must ALWAYS be in writing. This is not true (even though it's a good idea, and in some cases it is necessary [see statute of frauds]). A "manifestation of mutual assent" can take many forms.

Another common misconception is that if you agree to something, it's a contract. This is not true either, as all contracts may come from agreements, but not all agreements are contracts. For example, I can agree to give you ten dollars as a gift, but this would not be a contract. Contracts are legally enforceable agreements, and they require a bargained for exchange.

Answer 2

Obviously the elements can depend on the nature of the contract but generally speaking there are several elements that must be present in every contract. In order to be enforceable, contracts require the following elements:

* Mutual Assent: this means that the parties involved have a shared understanding as to what the contract covers. For example, in a contract involving a model. if one party thinks the contract is for a model car and the other thinks it¿s for a supermodel, there is no mutual consent and the contract probably will not be enforceable.

* Offer and Acceptance: One party must make an offer, or a communication of the intent to be bound by a contract. The other party must accept, or assent to the terms offered. See also alternatives to acceptance.

* Consideration: the mutual exchange of something of value. Note that even though there may be no mutual consideration, there are rare cases where a mere one-sided promise can be enforced. See detrimental reliance.

Answer 3

The four most important things to include in a contract are the parties' names, the contract subject, the timeframe, and the price cost. A contract is a mutual agreement between the two parties included in the contract. An offer in contract law is expressing the desire to enter into a contract. It must be made with the intentions that the offer will become binding as soon as the offer is accepted. An offer can be revoked anytime before.....

To read the rest of this article go to http://sincerlysamski.blogspot.com/2011/09/writing-valid-contracts.html

Answer 4

A contract has seven essential elements: Offer. Acceptance. Consideration Legal Intent. Capacity. Legal Object. Genuine Consent.

Answer 5

Offer

Acceptance

Consideration