WHAT ARE THE REQUIREMENTS FOR AN ENFORCEABLE BUSINESS CONTRACT?
Since, a breach of contract is never presumed; rather, the burden of establishing a breach of contract rests with the party asserting the breach. A contract is an exchange of promises and thus is the result of a bargain, an exchange of equivalents. Corbin on Contracts, supra, Sec. 10. See also West Caldwell v. Caldwell, 26 N.J. 9, 28 (1958). An enforceable bilateral agreement requires an offer, an acceptance, consideration and a meeting of the minds upon all the essential terms of the agreement. To have a valid contract, there must be a meeting of the minds, as a contract does not come into being unless the parties agree to the same terms. Thus, an enforceable contract only results from the parties agreeing upon essential terms and manifesting an intention to be bound by those terms and where the parties do not agree to one or more essential terms, the agreement may be unenforceable. Indeed, it is fundamental that the essential element to the valid consummation of a contract is a meeti
