What is required to form a contract?
Every valid contract has three basic elements: 1) An offer, 2) Acceptance of that offer, and 3) Consideration An OFFER is a promise to carry out the terms of the proposed transaction, in exchange for something in return. The terms of the offer must be clear and unambiguous, and must also be communicated to the person with whom the contract is intended. The statement “I offer to repair your computer for cheap” is not an offer since the price is ambiguous. ACCEPTANCE of an offer must be an unconditional and unequivocal assent to the exact terms of the offer. If someone claims to “accept your offer” but adds additional terms or conditions, it is not and acceptance but instead a counter offer (in the sale of goods, the acceptance need not be exact). CONSIDERATION is that which is “bargained” for and given in exchange for the promise. Consideration can be anything of even the smallest value: a dollar, an action of any kind, or a mere promise to act. If one company “offers” to deliver a samp
