{"appState":{"pageLoadApiCallsStatus":true},"articleState":{"article":{"headers":{"creationTime":"2016-03-26T20:17:28+00:00","modifiedTime":"2016-03-26T20:17:28+00:00","timestamp":"2022-09-14T18:08:41+00:00"},"data":{"breadcrumbs":[{"name":"Academics & The Arts","_links":{"self":"https://dummies-api.dummies.com/v2/categories/33662"},"slug":"academics-the-arts","categoryId":33662},{"name":"Law","_links":{"self":"https://dummies-api.dummies.com/v2/categories/33712"},"slug":"law","categoryId":33712},{"name":"Contract Law","_links":{"self":"https://dummies-api.dummies.com/v2/categories/33714"},"slug":"contract-law","categoryId":33714}],"title":"Essential Elements of Contract Formation","strippedTitle":"essential elements of contract formation","slug":"essential-elements-of-contract-formation","canonicalUrl":"","seo":{"metaDescription":"A contract is a legally enforceable exchange of promises. 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Essential Elements of Contract Formation

By: Scott J. Burnham and

Updated: 03-26-2016

From The Book: Contract Law For Dummies

Contract Law For Dummies

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A contract is a legally enforceable exchange of promises. Contract formation requires the following three essential ingredients:

Offer: The offeror promises the offeree something in exchange for the offeree’s promise to do or not to do something.
Acceptance: The offeree gives the offeror whatever was requested, such as a promise to do or not to do something.
Consideration: The consideration is whatever each party brings to the table in the bargained-for exchange.

About This Article

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Contract Law For Dummies ,

About the book author:

Scott J. Burnham is the Curley Professor of Commercial Law at Gonzaga University School of Law. For 30 years he has taught Contracts at law schools internationally and throughout the U.S. He is also a prolific writer on legal topics and a consultant on contract drafting for numerous businesses.

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