Offer: This is the promise of one of the parties to act or not act in a certain way. Upon reaching the acceptance portion of the contract, these actions are binding.nAcceptance: When the non-action party unequivocally agrees to the terms, then the contract is created. nConsideration: This is the shared benefit that both sides of the contract enjoy because of the mutual agreement to enter into a contract. nMutual assent: Both sides must have agreed to enter into a contract for it to become legally binding. A contract is not enforceable if one of the two parties does not agree to it.