Formation - Contract

Formation

At common law, the elements of a contract are: offer, acceptance, intention to create legal relations, consideration, and legality of both form and content.

Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound. A so-called gentlemen's agreement is one which is not intended to be legally enforceable, and "binding in honour only".^[6][7][8]