What are the three primary elements of a contract?

The three primary elements of a contract are offer, acceptance, and consideration.

An offer is a proposal put forward by one party to enter into a legally binding agreement. It outlines the terms that will govern the relationship. Acceptance is the unqualified agreement to the terms of the offer by another party. This mutual consent is essential for establishing a contract.

Consideration refers to something of value that is exchanged between the parties involved. It can be a payment, service, or any benefit that both parties agree to provide or receive as a part of the deal. This element is necessary for a contract to be enforceable, as it reflects the bargaining aspect that is fundamental to any agreement.

Combining these three elements creates a valid contract that can be upheld in a court of law, ensuring both parties are legally bound to their promises.