Law – 3 Law of contract | e-Consult
3 Law of contract (1 questions)
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The four essential elements are:
- Offer – A clear, unequivocal expression of willingness to be bound on certain terms, made with the intention that it becomes binding upon acceptance.
- Acceptance – An unconditional assent to the exact terms of the offer. Acceptance must be communicated (unless the offer dispenses with communication) and must be made while the offer is still open.
- Consideration – Something of value exchanged between the parties. It must be sufficient but need not be adequate, and must move from the promisee.
- Intention to create legal relations – Both parties must intend that their agreement be legally enforceable. In commercial contexts this intention is presumed; in social/domestic agreements it is generally presumed absent.
If any of these elements is missing, the agreement will be classified as a non‑contractual arrangement (e.g., a mere promise, a negotiation, or a gratuitous agreement) and will not be enforceable in the courts.