A contract is a legally binding agreement between two parties. A contract is valid and enforceable if the agreement contains sufficient evidence of the following elements:
1 an offer and an acceptance;
2 a common intention between the parties to create binding relations;
3 the giving of “consideration” for the promise;
4 legal capacity of the parties to act;
5 genuine consent of the parties; and
6 legality of the agreement.
An agreement that lacks one or more of these elements is not a valid contract.