(Offer and Acceptance. An "offer" is an expression of willingness to do or refrain from doing a particular thing.Substitution of parties example: a owner bought a home that have not being constructed yet, he assigned his contract to a third party. Learn how to make a legally binding consideration in contract law from attorneys of the Doyle Law Offices, P.A. in Cary, NC so both parties are protected. North Carolina law requires that ten types of contract must be in writing to be enforceable. This is the Statute of Frauds. However, if the parties are not careful, their correspondence alone may establish a contract enforceable under the Statute of Frauds. Both written and oral contracts require the following elements: 1) an offer; 2) acceptance; 3) mutual assent; and 4) consideration. Examples and Explanations: Contract Law, 8th Ed. (2021). North Carolina law, and sometimes federal law, gives you the right to cancel certain transactions even after you have signed a contract or agreement.