A contract typically requires which of the following from both parties?

A contract fundamentally requires an agreement between the parties involved. An agreement forms the foundation of any contract, as it indicates that both parties have a mutual understanding and acceptance of the terms that have been proposed. This involves an offer made by one party and an acceptance of that offer by the other. Until there is an agreement, there can be no enforceable contract, as there would be no meeting of the minds.

While consent, intention, and consideration are also critical elements of a contract, they support and enrich the concept of an agreement. Consent ensures that both parties are entering into the contract willingly and without duress, intention indicates that both parties intend to create legal relations, and consideration refers to what is being exchanged between the parties. However, without the initial agreement, those elements cannot come into play effectively. Thus, highlighting agreement as a necessary element emphasizes its primary role in the formation of a contract.