What are the seven elements of a contract?
Hey, i dont know whether your from the US, but in Aus there are 5
agreement (offer, acceptance, certainty of terms etc),
consideration (price paid for a promise), intention to create legal
relations, capacity to contract (ie minors, bankrupts, mental
disimpairment, drunkeness etc), & formalities (only with land
& contracts of guarantee)
that probably wont help much if you're from America, coz the
laws are slightly difference.
In the US there are six elelments:
Agreement - an offer and an acceptance are included in an
agreement to form a contract. An offer by one party to enter into a
legal agreement and an acceptance of the terms by another.
Consideration - Something of value passing from one party to
another in return for a promise to do something.
Contractual capacity - the parties must be legally capable of
entering into a contractual relationship.
Legality - the object or the purpose of the contract must be
legal and not against public policy.
Voluntary consent, or genuineness of assent - the consent of the
parties must be genuine. The contract must be a genuine expression
of the intentions of the parties.
Form - the contract must be in whatever form the law