Basic Contract Elements
A contract is an agreement between two or more persons (individuals, businesses, or organizations) that creates an obligation to do or not do particular things.
The essential elements of a business contract are:

• Mutual agreement between the parties (meeting of the minds) (i.e., there was an offer made, and there was acceptance)

• Consideration or some substitute for consideration (e.g. money, another promise in return)

• Whether there are any defenses that would show that the contract does not exist (e.g. fraud, misrepresentation, mutual mistake)

Most business agreements must be in writing to be enforceable. A written contract acts as proof of what you agreed upon and prevents the parties involved from forgetting or making changes to the agreement.