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Contracts: Elements of a Contract

enlureadie contract.

Daniel

Exactly. That's why I set the price at $$40$ per week.

Sarah

Okay, so we have consideration, but contracts require four basic things in order to be enforceable: $1)$ offer, $2)$ acceptance, $3)$ consideration, and $4)$ capacity. And, we don't have a valid offer!

Ashley

Hold on$,$ let's keep going: did you put anything in writing?

Daniel

Nope. Would that have been better?

It would have been clearer to have something in writing but you don't need a piece of paper to have a valid contract in this situation.

Absolutely! Under the statute of frauds, you can't have an enforceable contract without putting it in writing.

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