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English law textbooks often describe a contract as an 1_______ which is made between two or more 2_______ and which is binding in law. In order to be binding in law the agreement must include an 3_______ and an acceptance of that offer. The parties must agree to contract on certain terms, that is, they must know what are they agreeing to (but they need not know that their agreement can be described in law as a contract). They must have intended to be legally bound: there would be no contract if, for example, they were just joking when they 4_______ the agreement. And valuable consideration must have been given by the person to whom a promise was made. In this case, consideration is a legal word to describe something a person has given, or done, or agreed not to do, when making the contract.
agreement
parties
offer
made
