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Lesson Summary. A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.

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Contracts constantly vary in length, terms, and complexity. But for an agreement to be legally valid and enforceable, several elements must be fulfilled: Legality, Capacity, Offer, Consideration, Intention, Certainty, and Acceptance.

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.

On design and build projects, the contract documents may comprise: The articles of agreement and conditions of contract. The employer's requirements. The contractor's proposals. The contract sum analysis. Possibly bills of quantities (for some or all of the design).

The contract documents will typically comprise of the following: The agreement. The particular conditions of contract. The general conditions of contract. The specification. The drawings. The bills of quantities. Any other documents.