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A contract is a set of promises for the breach of which the law gives a remedy. Contracts can be oral or written and they are commonplace in everyday life. Contracts are formed for employment purposes, rental property, bank accounts, sales transactions, and medical privacy. It is important to know what elements form the basis of a contract. A contract consists of an offer, acceptance, and consideration. Offer An offer to a contract must demonstrate a willingness to enter into a bargain that invites the assent of another party. Usually the person who makes the offer is considered the “master of the offer” because she controls the offer. She is called the “offeror.” Once an acceptance occurred, it is too late for the offeror to add to his offer. The person who is accepting the offer is called the offeree. The offeree has to accept the offer in a “mirror image” of the offeror's terms. If the offeree changes any of the terms, she has both rejected the offer and made a counteroffer. Continued... By Delinda Tamagni