components of an Enforceable Contract
To be enforceable, a contract must be legally valid
and it must consist of an offer, acceptance and
consideration.
Offer: A proposal to perform an act or to pay an
amount that, if accepted, constitutes a legally valid
contract.
Acceptance: Unconditional agreement to the
precise terms and conditions of an offer.
Consideration: The payment exchanged for the
promise(s) contained in a contract.