What would make a contract a contract?

Answer 1

Mutual Assent and Consideration. Consideration is a legal term for something of value. Usually one side pays money for services or goods. One party's consideration is the money, while the other's is the service or good. Mutual assent is the understanding of both parties as to what the agreement entails. Usually, mutual assent is evidenced by a signature, however, in an oral contract such as when one purchases something from a fast food restaurant, the mutual assent is implied from the actions and words of the parties.