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In this session, the discussion focuses on the essential elements required for a legally enforceable contract. There are three key components: 1. **Offer and Acceptance**: This involves an offer made by the offerer, which must be accepted by another party, establishing mutual assent or agreement between both parties. 2. **Exchange of Value**: There must be a consideration, meaning both the offerer and the offeree receive something of value in return for their agreement. 3. **No Defense**: For a contract to be enforceable, there should be no legal reasons preventing its enforcement, such as if the contract pertains to illegal activities. These elements are crucial for ensuring that a contract is binding and enforceable in court.
