Hello, Semir; that was a great job done on contracts in a business setting. The elements of a contract are offer, acceptance, and consideration. The offeror must give the power of acceptance to a person willing to enter into a contract. Acceptance is the agreement and compliance with the terms of the contract between the contracting parties. The benefit bargained in the contract is the item being exchanged. The item in exchange is referred to as consideration. Whenever any of these three aspects are absent, then the contract is void and cannot be legally recognized in case a dispute arises between the parties