What are four elements of a legally binding contract


Problem

1. What are four elements of a legally binding contract?
2. What is an offer and what is an invitation to treat?
3. When will an offer take legal effect?
4. What is an acceptance and what is a counter offer?
5. When will an acceptance take legal effect?
6. What are the legal requirements for valid consideration?
7. How do you decide if the party has an intention to create legal relations?

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