The beginnings of a contract

    A contract is an agreement that can be enforced by law if it is legal.  There are three theories to a contract before a person should except a contract.  The first is the equality theory which states that both parties must be giving up something of value to each other.  The second is called the will theory which states that both parties had to accept the agreements made in the contract.  The third theory is called the formalist agreement which says that the parties had to actually meet and come to some form of agreement.
    There are six elements to every contract that a person can come across.  These six elements are offer, acceptance, genuine agreement, consideration, capacity, and legality.  An offer is a proposal by one party to another intending to create a legally binding agreement.  Acceptance is the second party's willingness to go along with the proposal.  Genuine agreement can be stated as a valid offer that has been agreed upon with valid acceptance.  Capacity is ones legal ability to enter into a contract on their own.  Consideration is the exchange of something of value between the two parties. The final part of a contract is legality.  Legality is the proof reading basically that checks to make sure the contract isn't breaking or violating any laws.