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Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Both parties to a contract must be bound to perform their obligations or the law will treat the agreement as neither may be bound.

Certain types of contracts must be in writing or must conform to specific formalities as the law may require.

All parties must agree to the terms of the contract willingly and without any form of duress, undue influence, misrepresentation, fraud, or mistake.

The terms of the contract must be clear enough that the parties understand what is expected, and the performance must be possible and not inherently impossible.

The contract's purpose must not be criminal, tortious, or otherwise against public policy.

An unqualified expression of assent to the terms of an offer made by the offeree in a manner requested or authorized by the offeror, thereby creating a binding contract.

The parties entering into the contract must have the legal capacity to do so, meaning they are of age and have the mental capacity to understand the contract's nature.

A definite proposal or promise made by one party (the offeror) to another (the offeree) indicating a willingness to enter into a contract on certain specified terms.