Please define (1) A contract, (2) An offer, (3) valid acceptance, (4) consideration.
What elements are necessary for a contract? What forms may consideration take (how can it be made)? Does a contract have to be in writing, or what makes a valid contract? What is a the statute of frauds? Who can make a contract, and who cannot? What is an implied contract? How does an implied contract differ from an express contract?