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The most important aspects of a contract are those elements which combine to make an exchange of promises or of an act for a promise a contract. These extend to
(1) a communicated and consensually-defined offer; and
(2) a communicated and consensually-defined acceptance; and
(3) a bargained-for exchange of sufficient but not necessarily adequate value, or a detriment to one or more parties constituting consideration; or
(4) a substitute for consideration such as the satisfaction of the elements of promissory estoppel; and
(5) the lack of any defense to contract formation or contract validity, such as illegal purpose, illusory nature of the "contract", impossibility of performance, frustration of purpose, lack of consideration, etc.
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