A contract is formed when there is (1) an agreement; (2) for exchange of value; and (3) sufficient terms. To be enforceable a contract must meet three criteria: (1) there was an offer: (2) the offer was accepted; and (3) there is consideration.Learn the three essential elements of contract formation under Utah law: Offer, Acceptance, and Consideration. Contracts can even avoid potential future conflicts. Learn how to legally terminate contracts in Utah with Ascent Law Firm. Explore contract law, rights, and options for ending agreements effectively. Throughout this article, we'll explore the four essential rules of contract law in Utah. This informational guide is intended to answer questions regarding Salt Lake City Code 2.46.050(H). Legality in contracts is essential. The legality of purpose in contract law is the terms and conditions in legal documents that are legally binding.