The basis of a contract
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[edit] English Contract Law
[edit] Essential Elements
In English Law for a legally binding contract it is necessary to have four elements in place. These essential elements are: agreement; consideration; intention; and capacity.
[edit] Agreement
An agreement between two (or more) parties can be further broken down into an offer and acceptance. The essence of an offer is that there is an intention on the part of the person making the offer (the offeror) that the offer can be accepted by its receipient (the offeree) to form a binding agreement.
There are many events that can happen at or about the time of the offer that may or may not bring an agreement into existence. For example if A makes an offer to B, such offer if accepted by C does not constitute an agreement between A and C (nor A and B).
It is also possible for an offer to be cancelled so that it is no longer capable of being accepted; this can be achieved in a number of ways most notably by its revocation by the offeror or by the making a counter-offer by the offeree.
