![]() When it comes to the legal capacity of a party, keep in mind that those under the age of 18 or those who are mentally incompetent don’t have the legal capacity required to enter into a contract. This could be a monetary amount or a simple promise to act under the contract. Then, there must be consideration exchanged between the parties. Next, the party receiving the offer must accept it. ![]() First, an offer must be made by one party to another party. When it comes to the key three elements that make up the beginning stages of the contract, you’ll need to ensure that there is an offer, acceptance, and consideration. The contract itself must include the following: When dealing with contracts, both parties should fully understand all elements of a contract. What are the terms and conditions of a contract is a common question among parties entering into a contract. Updated August 19, 2020: What are Terms and Conditions of a Contract
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