offer, acceptance, agreement, consideration, intention to contract, capacity to contract, consent to contract, legality of form, legality of purpose.
offer- a deal is amde
agreement- offer accepted
= agreement
contribution- each party gives somethng of value to the other party
intention to contract- both parties mmutually agree to make the contract legally binding
capacity to contract- recognized by the la as fit and capable to enter into a contract. boundaries: age, bankrupt, mentality, ultra vires (memorandum of association)
consent to contract: both entering on their own free will
legality of form: to be legally valid must be in written form
legality of purpose: contracts that involve illegal activity cant be recognized as legally valid