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In this lesson, we are discussing mutual assent and the difference between acceptance and counteroffer under common law and Article 2 of the Uniform Commercial Code. To form a valid contract, there must be mutual consent, consideration, and no defenses to formation. Mutual assent requires a meeting of the minds between the parties. This is essential for forming a traditional enforceable contract. The key point is to determine whether there is a meeting of the minds in a contract law fact pattern.