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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 contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. A legally enforceable contract requires: 1  An Offer (Iâll mow your lawn this weekend if you pay me $30).2  An Acceptance (Youâve got a deal). contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty. A legally enforceable contract requires: 1  An Offer (Iâll mow your lawn this weekend if you pay me $30). 2  An Acceptance (Youâve got a deal).