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An offer is a clear proposal made by one party (the offeror) to another (the offeree) to enter into a contract, which is capable of acceptance.

Acceptance is an unconditional agreement to the terms of the offer, communicated by the offeree to the offeror.

Consideration is the value exchanged between contracting parties, can be a benefit to one or a detriment to another, and must be legally sufficient.

Capacity refers to the legal ability of a party to enter into a contract, generally meaning they are of sound mind, not a minor, and not under any disqualification by law.

The subject matter of the contract must be legal and not against public policy.

Both parties in a contract must be bound to perform their obligations, or the law must provide a remedy if one party does not perform.

Both parties must have the intention to enter into a legally binding agreement.

Some contracts must be in writing or follow a specific form to be enforceable (e.g., real estate transactions, contracts over a certain value).

Express terms are specifics the parties explicitly agree to, either orally or in writing, within their contract.

Terms that are not explicitly stated but are necessary to give effect to the parties' intentions as understood from the contract as a whole.

These are the specific promises within a contract, with a condition being a fundamental term and a warranty being a less central one.

Terms that are not clearly a condition or a warranty, where the remedy for breach depends on the nature of the damage caused.

Clauses that attempt to exclude or limit the liability for certain breaches of contract.

Only parties to a contract are bound by it and can enforce its terms.

One party can transfer its benefits from the contract to another person, but usually cannot assign the obligations without consent.

One party to the contract can transfer its duties to perform to another party, but generally remains liable for any breaches.

A three-party agreement where a new party replaces an original party in the contract, releasing the original party from the obligations.

A contract is discharged when both parties fulfill their contractual obligations.

Parties may mutually decide to end the contract before the obligations are fully performed.

A contract may be discharged if after its formation, events make performance impossible, illegal, or radically different.

Occurring when one party fails to fulfill their contractual obligations without lawful excuse, allowing the other party to end the contract.

Legal solutions to address a breach, including damages, specific performance, rescission, or injunction.

Amounts specified within a contract to be paid in the event of a breach, which must be a reasonable forecast of potential damages.

Damages for breach that were not predetermined by the contract, quantified by the court.

A court order compelling the breaching party to execute the contract, used when damages are not deemed an adequate remedy.

A court order that legally prevents one of the parties from doing certain acts.

The cancellation of the contract, with the aim to return the parties to their status before the contract.

A remedy allowing one party to recover the value of services rendered if a contract was partially performed then discharged.