- Agreement. This includes offer and acceptance communicated to the party involved in the preliminary negotiation.
- Consideration. Something of value or bargained for in exchange for a contract.
The value does not have to be equal on both sides.
- Capacity. Must be at legal ability to accept or create a contract. If one party is no capacity to deal with the contract, the contract is void.
- Legal Purpose. Must have a legal purpose enforce the contract.
- Genuine Consent. Genuine consent does not have to be shown by in writing except for contracts covered by the Statute of Frauds (and those must always be in writing).
To execute the contract from to start to finish, these elements will help complete the tasks assigned for both parties. Without any of these elements present in contract, it will be easily void.
FYI. Always consult a professional when you need to create a business contract, to make sure all important matters are covered.