The essential elements of a contract can be summarized as follows:

1. Offer: One party must make a clear and definite proposal to another party, expressing an intention to enter into a contract.

2. Acceptance: The other party must accept the offer exactly as it was made, without any additional conditions or changes.

3. Consideration: Both parties must exchange something of value, such as money, goods, services, or promises to do or not do something. This ensures that each party gains something and there is a mutual exchange of benefits.

4. Legal Capacity: Both parties must have the legal capacity to enter into a contract. This means they must be of legal age and mentally competent to understand the terms and consequences of the agreement.

5. Legal Purpose: The contract's purpose must be lawful. It cannot involve illegal activities or go against public policy.

6. Mutual Assent: Also known as "meeting of the minds," both parties must genuinely and willingly agree to the terms of the contract without any coercion or duress.

7. Certainty: The terms of the contract must be clear and definite, leaving no room for ambiguity or misunderstanding.

8. Intention to Create Legal Relations: The parties must intend for the contract to create legal obligations. Social agreements or casual promises usually do not qualify as contracts.