ABSTRACT
The 'requirements determination' phase of the contract establishment process is the most fundamental. A contract is a legal agreement between two or more legal parties giving rise to mutual obligations and rights that are enforceable in a court of law. A contract inherently involves agreement between these parties. The parties must have reached or be deemed to have reached agreement. Contracts can take many forms and historically, different contract types have carried favour in different business communities depending on the circumstances which prevail. The process of forming a contract is relatively straightforward but, nevertheless, has a strong history of problems. The elements in a contract are offer, acceptance, consideration, intention and capability. Consideration concerns itself with the issue that each of the parties to a contract must convey a benefit to each other or suffers detriment in return to promises made. If there is no consideration, there is no contract.
