To reach an agreement, it is sufficient for the parties to reach a common understanding of their relative rights and duties, often referred to as the «gathering of minds». The requirements for concluding the contract are more precise and relatively strict. A contract must contain the following essential elements: an exchange of goods or services for «consideration», which is usually money, but may be of value, is necessary for the agreement to be legally binding. The parties may be sued for non-compliance with the obligations arising from the contract. It`s you who have it! At least now you can process your contracts and documents with a lot of confidence. Remember that with legally binding documents, it is always advisable that you understand all the terms very well. .