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In this lesson, we continue discussing mutual assent and the termination of offers in contract formation. To create a traditional enforceable contract, three elements must be present: mutual assent, consideration, and no defenses that would invalidate the contract. The lesson refocuses on mutual assent, essential for contract formation, which requires a "meeting of the minds" between the parties involved. This mutual understanding signifies that both parties agree on the terms and conditions of the contract, forming the basis of their legal obligations.