Ronald Corbett Jr.
Professor Vasilou
Week 3 Assignment
January 26, 2013

In order for a contract to be binding, there must be a valid offer. An offer is the expression of a proposal by which an individual is seeking to do something. For example, a person might offer to sell something or provide a service. Additionally, the offer must indicate that the person is willing to do something for the other person. Moreover, the person making the offer must intend to make a legally binding offer. In order to constitute a legally binding contract, there must an acceptance of the offer. Acceptance is one's consent to the offer. This consent must be provided to the person who made the offer. Once acceptance has occurred, the person making the acceptance is promising to follow through on the terms of the offer. Consideration is something of value that is exchanged in accordance with the party's agreement to perform under the terms of the contract. Consideration could be the exchange of money or the exchange of another promise to do something. In a business contract, the payment of the price could constitute consideration. Without consideration, there is no valid contract. A contract may or may not be in writing. There have been instances where a contract was found to exist despite the fact that there was no writing indicating the existence of a contract. These instances are a frequent source of litigation. It is always advisable to have the contract in writing whenever possible, and the parties should both sign the contract. In the event that one seeks to draft a contract, it is best to consult an attorney and check with the particular jurisdiction in which one resides to ensure that all requirements are properly fulfilled. A business contract creates certain obligations that are to be fulfilled by the people or companies who entered into the agreement. In the eyes of the