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A contract is a legally binding agreement, “A promise or set of promises which the law will enforce”
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A contract is legally binding, "A promise or set of promises which the law will enforce"1. Offer and acceptance are two components of a valid contract; a "meeting of the minds." An Offer is a promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested. Consideration is an act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another. Acceptance is the expression of the intention of the person receiving an offer to be bound by the terms of the offer. Its important to define an offer from an invitation to treat. An invitation to treat is defined as 'a mere declaration of willingness to enter into negotiations; it is not an offer, and cannot be...
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