A contract intends to formalize an arrangement between two or more parties, in relation to a particular subject. Contracts can cover an extremely broad range of matters, including the sale of goods or real property, the terms of employment or of an independent contractor relationship, and the settlement of a dispute.
Typically in order to be enforceable, a contract must involve the following elements:
- Meeting of the Minds (Mutual Consent)
- Offer and Acceptance
- Mutual Consideration (the mutual exchange of something of value)
- Performance or Delivery
In a typical “breach of contract” action, the party alleging the breach will recite that it performed all of its duties under the contract and that the other party failed to perform its duties or obligations.