A contract is an agreement between two or more parties which gives rise to legal obligation and whole legal obligations can be recognized and enforced by a court of law.
There are certain attributes that makes a contract to be recognized by the law; referred to as elements of a contract or essentials.
Elements of a contract for a contract to legal
There has been an offer which is a proposal by one part to another; intended to create a legally binding contract.
An acceptance is the agreement of the offer to be bound by the terms of both parties.
N/B: When an offer and acceptance have occurred then we say that a genuine agreement exists.
Characteristics of a contract
- Validity; legally binding
- Expressed or implied contract;
- Oral or written contract; signed and put in writing between two people, oral is the agreement amongst people (parties) by a word of mouth.
- Bilateral or unilateral; bilateral contains two promises one by each party; unilateral; contains one prom
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