ABSTRACT
For a contract to be legally enforceable, three crucial elements must be present:
• agreement between the parties (offer and acceptance);
• bargain (consideration); and
• contractual intention.
Parties usually reach an agreement by the making of an offer and an acceptance of that offer. The offer and the acceptance need not be in writing and can be made by way of a promise. In situations where the agreement leaves acts to be performed by both parties, the contract is described as a bilateral contract; if those acts are outstanding to be performed by only one side, then the contract is regarded as a unilateral contract. An offer is a statement made by the offeror, the person making the statement who accepts to contract on terms stated and
agrees to be bound by the statement when it is accepted by the offeree, the person accepting to be bound by the offer on those terms. An offer may be made expressly or by conduct; it may be made to one person, to a group or to the world at large.
