Category: Legal

Ask any first year, first semester law student, “What are the elements of a contract?” He or she will (or should) answer, “Offer, acceptance, consideration.” It is generally not required that contracts be written or that every element of the contract be discussed in exhaustive detail, but you have to have those three elements (offer, acceptance, consideration). The three elements of a contract What do they mean? An “offer” is just that – an offer to perform a service, to refrain from some action, to transfer some property rights, or something similar. For example, “I will paint your fence...