What are the essential elements of a legally binding contract?

Answer 1

Hi Ryland,

This can be a bit of a loaded question, but the short answer is that there are three elements to forming a valid contract:

(1) Offer,

(2) Acceptance, and

(3) Consideration

Keep in mind, however, that there are many other rules that may or may not be at play depending on the facts. For instance, is it a contract for the sale of land? Is it a contract that cannot be completed within one year? If so then you have to consider the statute of frauds as well, which may not affect contract formation, but will affect whether its enforceable.