Define Contract. What are the essential elements of contract?

Introduction: In law, a contract (or informally known as an agreement in

some jurisdictions) is an agreement having a lawful object entered into voluntarily
by two or more parties, each of whom intends to create one or more
legal obligations between them. The elements of a contract are "offer" and
"acceptance" by "competent persons " having legal capacity who exchange
"consideration" to create "mutuality of obligation."
Definition:
A contract is an agreement between two or more parties to perform a
service, provide a product or commit to an act, and is enforceable by law. There are
several types of contracts, and each have specific terms and conditions. According
to section 2h of The Indian Contract Act 1872 An agreement enforceable by law is a
contract.
Essential Elements of Contract;
When a salesperson asks you to sign on the dotted
line, it is important to understand the contents of the agreement you are signing.
After all, the agreement you are entering into is a contract!
A contract is a written or expressed agreement between two parties to provide a
product or service. There are essentially six elements of a contract that make it a
legal and binding document.
In order for a contract to be enforceable, it must contain:
1. There must be an offer sec 2A by the offeror and a acceptance by the acceptor.
2.
1. Offer And Acceptance:
Offer: The term offer has been defined in section 2(a) of the Indian contract Act
1872 means when one person signifies to another his willingness to do or to
abstain from doing anything, with a view to obtaining the assent of the other to
such act or abstinence, he is said to make a proposal or offer
For example, As willingness to sell his Phone set to B for rupees 500 if accepts to
purchase the same, amounts to proposal by A for the sale of the phone.
Acceptance: A proposal, when accepted, results in an agreement. It is only after the
acceptance of the proposal that a contract between the two parties can arise.
According to section 2(b); When the person to whom the proposal is made
signifies his assent thereto the proposal is said to be accepted.

In Patna Regional Dev. Authority Vs. Rashtriya Pariyojna Nirman Nigam

Dtls are in contract 1 page 22, purported acceptance does vary the terms of an
offer, it is not an acceptance but a counteroffer and, therefore, simultaneously a
rejection of the original offer. The Uniform Commercial Code disposes of the mirror
image rule in 2-207, although the UCC only 23
In order for
a contract to be formed, the parties must reach mutual assent (also called
a meeting of the minds). This is typically reached through offer and an acceptance
which does not vary the offer's terms, which is known as the "mirror image rule". If
a transactions in goods in the USA. As a court cannot read minds, the intent of the
parties is interpreted objectively from the perspective of a reasonable
person,[9] as determined in the early English case of Smith v Hughes [1871]. It
is important to note that where an offer specifies a particular mode of acceptance,
only an acceptance communicated via that method will be valid. [10]