A contract is a legally binding agreement between two or more parties, outlining their rights and obligations. The essential elements of a contract are:
1. Offer: One party proposes specific terms to another party.
2. Acceptance: The other party agrees to the exact terms of the offer.
3. Consideration: Both parties exchange something of value (e.g., money, goods, services) to create a mutual obligation.
4. Legal Capacity: Both parties must be competent and of legal age to enter into a contract.
5. Legal Purpose: The contract's objective must be lawful and not against public policy.
6. Mutual Assent: Both parties must genuinely and willingly consent to the contract's terms.
7. Certainty: The terms of the contract must be clear and definite.
8. Intention to Create Legal Relations: The parties must intend for the contract to have legal effect