"Contractual terms are commonly laid out as "a provision which makes up the part of a

contract" and gives rise to contractual obligations which may lead to void of the contract or

damages being awarded when breached. Usually, it undertakes the duties and rights of the

parties who signed the contract, hence agreeing to be bound by them."

Alan Chapman. (n.d.). Business Contracts Legal Terms and Definitions Glossary.

Based on the above statement, Elaborate the legal framework of elements of a contract that

need to be fulfilled by both parties who signed the contract.