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There should be an agreement to enter into the contract
b. Consideration - meaning that "every party is conferring a benefit on the other party or himself sustaining a recognizable detriment, such as a reduction of the party's alternative courses of action where the party would otherwise be free to act with respect to the subject matter without any limitation" (Wikipedia). This simply means that there should be something given and something received.
c. Legality - The good or service being exchanged must be legal
d. Capacity ? both parties should be legally competent to enter into the agreement...
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