A ruler is one of the most common measuring instruments. It comes in many sizes and shapes, depending on what it is needed for. The yardstick is a long ruler (3 feet long), and a measuring tape is yet another type of ruler, made of...
To be a binding contract, there must also be an offer and acceptance that involves the exchange of promises to act and/or provide goods, services or money. The act, promises, goods, services and/or money are called âconsideration.â In order to have a binding, enforceable contract, there must be consideration.
The essential elements of a contract are mutality of obligation (comprised of offer and acceptance), definite terms and consideration. If these elements, or capacity and legal purpose are lacking, then the contract may not be binding.egal purpose. In addition to capactiy, a contract must be for a legal purpose in order to be binding. A contract that requires one or both of the parties to do something illegal or that exists in order to complete an illegal objective is not binding on either party.