Essential Elements of a Contract

This Skill Bit talks about how an Offer initiates the contract, setting clear terms for legal relations.​ Acceptance confirms agreement to the offer’s terms without alterations.​ Consideration involves exchanging valuable items or promises.​ Legal Capacity mandates soundness of mind and absence of coercion.​ Legal Purpose ensures contract objectives align with the law.​ Certainty demands clear and feasible terms for execution.​ Intention to Create Legal Relations confirms parties’ intent for legal consequences.​ Key takeaway: Contracts rely on elements like offer, acceptance, consideration, capacity, purpose, certainty, and intention for enforceability.

Duration approx. 3 Min.

Tier: basics

A part of The Fundamentals of Contract Management: Onboarding for Professionals course.