Sign here. At first, there. These two sentences should cause you to stop and think, “Wait, what do I agree with?” You don`t want to blindly enter into a legal contract, and preventing offenses requires a thorough review of every detail of the agreement. If you are managing your own legal obligations and you believe that the party at the other end of the transaction will stop the end of the transaction, you must consider the essential elements contained in a contract. A contract is a legally binding promise between at least 2 parties to fulfill an obligation in exchange for some value. Contracts can be either written, orally, or a combination of both. For example, suppose Megan signed a brand ambassador contract when she was 17. She supports the brand and receives remuneration from the company for two years. At that time, when she was 19, she wanted to cancel the contract and claimed that she was not able to do business when she signed it. However, when it comes to organizing all these elements of a contract, it will likely be divided into the following nine sections: in this article, we help you prepare for the signing of your next legal document by looking at the elements of a valid contract..