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4 elements necessary to form a contract

Please explain in some detail the four elements necessary to form a contract below:

1. Agreement
2. Consideration
3. Contractual capacity
4. Lawful object

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RESPONSE:

1. Agreement: The partners must have reached a mutual agreement (aka: meeting of the minds).

In other words, a contract is an agreement that is enforceable by a court of law and equity. A simple and widely recognized
definition of a contract is provided by the Restatement (Second) of Contracts: "A contract is a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty?(http://www.baronassoc.com/index.php?page=entcontracts).

Every contract involves at least two parties. The offeror is the party who makes an offer to enter into a contract. The offeree is the party to whom the offer is made. In making an offer, the offeror promises to do ?or to refrain from doing ?something. The offeree then has the power to create a contract by accepting the offeror's offer. A contract is created if the offer is accepted. No contract is created if the offer is not accepted ...

Solution Summary

This solution explains in some detail the four elements necessary to form a contract.

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