A contract requires:

**The reasoning** In contract law, three essential elements must exist for a valid contract to form: 1. **Offer** – One party proposes terms (e.g., "I'll sell you this phone for ₦50,000") 2. **Acceptance** – The other party agrees to those exact terms ("Yes, I'll buy it") 3. **Consideration** – Something of value must be exchanged by both sides (the phone for the money) Think of it like a handshake deal: someone offers, someone accepts, and both give something valuable. Without all three, there's no legally binding contract. This principle applies whether you're in Nigeria, the UK, or elsewhere under common law. **Why the wrong options tempt you** - **A** suggests just an offer is enough – but an offer without acceptance is just a proposal hanging in the air - **C & D** focus on formalities (writing, stamping) – while *some* contracts need these (like land sales), most contracts don't require written form to be valid **Quick takeaway** Remember "**OAC**" – **O**ffer, **A**cceptance, **C**onsideration – the three non-negotiable pillars holding up every contract.