elements of a valid contract

• elements of a valid contract - agreement, intention to contract, capacity to control, consent to contract, consideration, legality of purpose and legality of form
• agreement - consists of two parts offer and acceptance
• intention to contract - both parties intend to create a legally binding contract
• capacity to contract - all people and businesses have the legal ability to enter into a contract except for under 18s and people who are mentally incapacitated
• consent to contract - the parties entering into a contract much do so voluntarily
• consideration - means that each party in the contract much give something of value to the other party
• legality of purpose - a legally binding contract must be created for a legal purpose
• legality of form - contracts must be drawn up in the correct legal format
• termination of contract - performance, agreement, frustration, breach of contract