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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.

Minors do not have the legal capacity to enter into a binding contract. However, an agreement made while a person was a minor may be expressly or impliedly ratified once they reach the age of legal majority so that the agreement becomes valid and binding. The age of legal majority is separate from legal age of license.

There are seven essential elements an agreement must have to be considered a valid contract. The elements of a contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and contract legality. Preferably, the document will be in writing (electronic or on paper).

Further, a contract with a minor is voidable. That means they are able to cancel any contract at any time before reaching the age of 18 and for a reasonable period after that time.

Elements of a Contract Offer - One of the parties made a promise to do or refrain from doing some specified action in the future. Consideration - Something of value was promised in exchange for the specified action or nonaction. ... Acceptance - The offer was accepted unambiguously.

For an agreement to be a valid contract, one party must make an offer, and the other party must accept it. There may be a counteroffer. There has to be a "meeting of the minds." There must be "consideration." Consideration means that something of value is given in return for a promise.

Ing to the Contract act, every person is competent to contract who is the age of majority to which he/she is subject to and who is of the sound mind and is not disqualified from the contracting by any law to which he/she is subject.