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In this tutorial, the speaker revisits the fundamental concepts of contracts, focusing on the six essential elements, plus a seventh element, writing, when required. The session begins by recapping offer and acceptance, illustrated with the example of selling a bike for $50. Key points include: the offer (selling the bike) and acceptance (agreeing to buy it for $50). The concept of consideration is also highlighted, where one party exchanges a bike for cash. Additionally, the legality of the contract is emphasized, noting that any agreement must be for legal activities, such as avoiding illegal transactions. The tutorial aims to delve deeper into understanding these contract elements.