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.