contracts · federal
Elements of a Valid Contract
Restatement (Second) of Contracts
A valid contract requires: (1) Offer, (2) Acceptance, (3) Consideration (bargained-for exchange of value), (4) Mutual assent / Meeting of the minds, (5) Legal capacity of parties, (6) Lawful purpose. Missing any element may render the contract void or voidable.
contract formationelementsofferacceptanceconsideration