What are the essential elements of an express contract?

The essential elements of an express contract include an offer, acceptance, and consideration. An offer is a clear proposal made by one party to another, signifying a willingness to enter into a contract under specific terms. Acceptance occurs when the other party agrees to the offer as presented, creating a mutual assent to the contract. Consideration refers to something of value exchanged between the parties, which is a necessary component for a contract to be legally binding. These three elements work together to form a valid express contract, which is one that is clearly stated, either verbally or in writing, as opposed to implied contracts that arise from the actions or circumstances of the parties involved.

The other options do not capture the full necessary components of an express contract. For instance, merely having an offer and counter-offer does not ensure that a valid agreement has been reached; it may just indicate ongoing negotiations. Similarly, acceptance and consideration alone do not constitute a complete contract, as the initial offer must also be present to establish the agreement. Terms and conditions provide detail about the contract but do not encompass the fundamental elements that create the contract itself.