Requirements of a Contract
Contract terms and conditions may vary depending on the type
of service procured. However, every contract, regardless of the
service it procures, must adhere to the following contractual requirements:
Offer and Acceptance:
One party
must offer to enter into a legal agreement, and the other party must
accept the terms of the offer,Consideration:
Any promises made
by parties must be supported by legally sufficient and bargained
for consideration (promise of payment), which is the cause, motive,
benefit or price that induces parties to enter the contract,Contractual Capacity:
Both parties
entering into the contract must have the legal capacity to do so. They
must be recognized by law to possess characteristics qualifying
them as competent parties,Legality:
The contract must be
made to accomplish some goal that is legal and not against public policy,Consent:
Apparent consent of both
parties must be genuine, andForm:
The contract must be in writing.