A contract is an agreement to do or not do a certain thing. A contract gives rise to an obligation, or legal duty, enforceable in an action at law. The essential elements of a contract are: (1) parties capable of contracting; (2) their consent; (3) a lawful object; (4) a sufficient cause or consideration. The agreement, which should express the mutual intention of the parties, can be verbal or written, express or implied.
In many instances, contacts are formed after an offer, supported by consideration, is made and accepted. If the response to an offer is an outright acceptance, then a contract is formed. If the response is a rejection, then no contract is made. A response that is a counter-offer is viewed as being both a rejection of the offer and as a new offer.
That new (counter) offer, in turn, can be accepted, rejected, or countered by the person to whom it is made.
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