The Terms of the Contract – who, what, where, when, and how of the agreement – define the binding promises of each party to the contract. A contract normally is completed in there steps- the first being the offer of the contract, which means offering some one to do something in exchange of money or anything of value. The second step is other party’s acceptance of the contract, i.e. undersigning of the agreement by the other party/parties after understanding of each terms and acceptance. The last and final step is the performance of the contract that is to deliver the actual product/service in exchange of something of value. For the formation of a contract the process of proposal or offer by one party and the acceptance thereof by the other is necessary. In order to convert a proposal into a promise, the acceptance must be : –

• Absolute and unqualified – Any departure from the terms of the offer or any qualification vitiates the acceptance unless it is agreed to by the person from whom the offer comes. An acceptance with a variation is no acceptance; it is simply a counter proposal.
• Expressed in some usual and reasonable manner – If the proposer prescribes any particular manner of acceptance it has to be in that manner and where no manner is prescribed it should be in a usual and reasonable manner.

Competent Parties – For a valid contract, each party must have the capacity to enter into it. Capacity may be seen in terms of legal capacity, mental capacity, age, etc. Agreeing to perform an illegal or illicit act is not consideration and the contract is void. A drugged or mentally impaired person does not hold the capacity to enter into any contract. Minors (e.g., usually those under eighteen) cannot, generally, enter into a binding contract without parental consent, unless it is for the necessities of life, such as food, clothing, or for student loan contracts. Consideration – A contract is always based on mutual exchange. One must give something of value in exchange to the other party in agreement with you. The value or the compensation is mostly expressed in terms of money, however it can be anything even property. Mutual Assent – Both the parties must be clear in all the clauses of the agreement and there should not be any element of doubt before signing the contract. Meeting of the minds sometimes can be expressed by words spoken or gestures made or can be inferred from the surrounding circumstances. There is no mutual assent: (1) one side is obviously joking or bragging, (2) there is no actual agreement (i.e., the farmer who is selling a gelding and the buyer thinks the horse is a brood mare), or (3) both sides have made a material mistake as to the terms or details of the contract. There are many contract law firms operating in the market. Also, daily there come hundreds of contract law cases for disposal in the court of law. In case you are searching for a good and very affordable legal assistance of expert attorneys to get the compensation and justice against it, we can help you.