what standards must be met for a contract
Share this set. This exercise can be used to expound on the 6 requirements that must be in place in order for a contract to be legal/valid. Agreement. An agreement includes an offer and an acceptance. One party must offer to enter into a legal agreement, and another party must accept the terms of the offer.
Mutuality of Obligation. In order for there to be an enforceable contract, the parties must have a common intention or a meeting of minds on the terms of the contract. The parties must agree to the same thing, in the same sense, and at the same time.