Elements of a Valid Contract
A contract is essentially a meeting of minds, which may only occur when the following five elements are present: an offer, an acceptance of the offer, an intention to form a binding contract, a consideration, and capacity. An offer represents an intimation of the willingness to enter a contract on given terms, and must be made with the intention to be binding upon acceptance. It must be definite and certain, such that it will not necessitate further negotiations prior to acceptance (Carlill v Carbolic Smoke Ball Co., 1893). It should also look like a contract in the estimation of ...