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What constitutes contract and what constitutes agreement. A valid contract is which of all essential components which present and in which the court would enforce as a legally binding promise.hat constitutes contract and what constitutes agreement. A valid contract is which of all essential components which present and in which the court would enforce as a legally binding promise.
A unilateral contract is a legal agreement in which one party to the contract promises to take a specific action if the other party proactively takes, or refrains from taking, a specific action. For example, one party may contract to pay the other $100 if the other party walks one mile or refrains from walking one mile for a period of one week.