An essential element for contract formation is that the parties agree on the terms.

Name: An essential element for contract formation is that the parties agree on the terms.
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For a contract to be formed, the parties must agree on the essential terms, such as the subject matter, price, and obligations of each party. This is known as the "meeting of the minds" or mutual assent. Without agreement on the terms, there can be no enforceable contract.

An Essential Element for Contract Formation Is That the Parties