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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.
The elements of a contract are offer and acceptance by competent persons having legal capacity who exchange consideration to create mutuality of obligation.. Proof of some or all of these elements may be done in writing, though contracts may be made entirely orally or by conduct. contract is a legally enforceable promise or undertaking that something will or will not occur. The word promise can be used as a legal synonym for contract, although care is required as a promise may not have the full standing of a contract, as when it is an agreement without consideration.