400-012-5287o Is an agreement between legally competent parties to do some legal act or to refrain from doing some legal act in exchange for lawful consideration., establishes both the rights and the duties or responsibilities of the parties to the contract
o 5 Essential Elements: to be a valid contract, the contract must be supported by 1)Consideration, the parties must have 2) Legal Capacity and 3) Mutual Agreement, and with 4) Legal Purpose (the object of the contract must be lawful), and in 5) Legal Form
o Check list of essential elements required for the existence of a contract
§ Offer and acceptance (meeting of the minds / Mutual Consent)
§ Consideration
§ Legal capacity of the parties
§ Reality of consent
§ Legality of object
§ Possibility of completion
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