Contract Law: Introduction

A contract is a promise for the breach of which the law either provides a remedy or recognizes as a duty...A contract is formed when there is both mutual assent and consideration...Consideration is present when the promise was made as part of a "bargain" transaction. In this context, "bargain" does not mean "a good deal" or a cheap price. Instead, it means that the promise was made as part of an exchange...Mutual assent is normally, though not necessarily, manifested through the process of offer and acceptance...Ordinarily, the first step in determining mutual assent is to analyze the communications between the parties to determine whether there is an offer...Once an offer is detected, the next step is to consider whether the person to whom it was directed accepted. 

- Jeffrey T. Ferriell, Understanding Contracts (5th ed. 2023).