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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 requirements for a contract in Anglo-American law are that there be an offer, an acceptance, consideration and an intention to effect legal obligations. Scots law, because of its civilian origins, does not require the consideration.