Every day, we make contracts. Most of the time, we do not orally, and certainly don't in writing, follow the formalities of offer, acceptance, and consideration. We agree to meet someone, promise our children we will play ball after work, or pay a debt by a certain time. If the truth be known, we also probably breach contracts every day. A wise law professor of mine challenged us to accept the responsibility of "making it right" when we break a covenant or condition of such contracts. That would entail asking the other party what was necessary in terms of "remedies." The punishment was up to the other party: if apologizing was all it took, so be it. But if you had to perform other or special services, that was their choice. You had breached your agreement.
This question is one of ethics. Now that you know what is LEGALLY necessary in a contract, and that a contract is not enforceable if even ONE of the necessary elements is lacking, answer.