We're going to look at the essential elements of a contract and these are the offer, the acceptance and the consideration. To identify an agreement we have to identify a valid offer and a valid acceptance of that offer.What then, is a valid offer? Learn the elements of a valid contract law including offer, acceptance, consideration, and more to ensure legally binding agreements. This module guide is designed to help you to study the Contract law of England and Wales. 1 Essential elements of a valid contract. The following elements are needed to form a valid contract: Agreement, i.e. Offer and acceptance does not always need to be expressed orally or in writing. Point, it alleged, the contract was complete. To form a valid contract the offer must be accepted.