(1)An Agreement (2)between competent Parties (3)based on the genuine asset of the parties that is, (4)supported by consideration (5)made for a lawful objective, and (6)in the form required by law, if any.
Six elements needed for a legally binding contract
Agreement that is binding and enforceable
Agreement that is otherwise binding and enforceable but may be rejected at the option of one of the parties as the result of specific circumstances
Agreement that cannot be enforced
a binding promise to keep an offer open for a stated period of time or until a specified date
Court-imposed obligation to prevent unjust enrichment in the absence of a contract