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In this session, we explore the essential elements of a legally enforceable contract, which include three key components: 1) Offer and Acceptance - an offer made by the offeror must be accepted by the offeree, establishing mutual consent between the parties. 2) Exchange of Value - there must be consideration, meaning both parties receive something of value. The offeror gains something in return for the service or promise made. 3) No Defenses - for a contract to be enforceable, there must be no lawful reasons to invalidate it, such as illegality. Understanding these elements is crucial for creating contracts that can be upheld in court.
