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In this session, the key elements of a legally enforceable contract are discussed. There are three primary elements: 1. **Offer and Acceptance**: An offer is made by the offeror, which must be accepted by the offeree, establishing mutual agreement between both parties. 2. **Exchange of Value**: There must be consideration, meaning both parties receive something of value in return for their obligations. 3. **No Defense**: For the contract to be enforceable, there must be no legal reasons preventing its enforcement, such as the contract being for an illegal purpose. These elements are essential for a valid contract that can be upheld in court.
