BUY A CARElements of a Legal ContractA contract is a legally enforceable agreement between two parties that creates anobligation to perform (or not perform a particular duty). For a contract to be enforceable, sevenkey characteristics must be present.Offer.All contracts begin when a person or a company proposes a deal. (Jim and Lauraagree to give Stan Salesman a $100.00 deposit to hold the car for a day).Acceptance.Once a party receives an offer, he must respond to it in a certain way. (Theyagreed to the terms of sale and even to pay a deposit, it clearly shows that they haveaccepted the sellers offer).Consideration.There has to be bargaining that leads to an exchange between the parties.Contracts cannot be a one-way street; both sides must receive some measurable benefit.(The selection receives the deposit and the car is put on hold for the buyer).Legality.The contract must be for a lawful purpose. (Both Jim and Laura knew exactly
