In order for a contract to be binding, there are four main elements that must be present: offer, acceptance, intention to enter legal relations, and consideration. The most basic rule of contract law is that a legal contract exists when one party makes an offer and the other party accepts it. What is the most basic rule to a contract? The five requirements for creating a valid contract are an offer, acceptance, consideration, competency and legal intent. What are the 4 elements of a contract? вЂ“ Related Questions What are the five 5 essential characteristics of contract? Preparation or negotiation begins when the prospective contracting parties manifest their interest in the contract and ends at the moment of their agreement. What are the 3 stages of contract?В A contract has three distinct stages: preparation, perfection, and consummation. Keep these elements in mind to ensure that your agreements are always protected. What are the main elements of a valid contract?В For a contract to be valid, it must have four key elements: agreement, capacity, consideration, and intention. What are the elements contract?В Certain essential elements must be present before a written contract is binding, including: identification (names) of the parties, the purpose of the agreement, a detailed statement of the rights and obligations of each party, what each party is giving (e.g., money, products, or services) in exchange for what theyвЂ™re