For this journal entry, think about a personal experience where you entered into a contractual agreement with a company (for example, many of you have a contract with a cell phone provider, credit card company, or your bank, etc.)

Think about the five elements of a contract and explain how they were satisfied in your case to make it a valid contract.

1)consensusoffer and acceptance 2)Consideration

3)Capacity

4)Legality

5)Intention

In the end, you should be able to prove that a valid contract at law exists because all 5 necessary elements of a contract were satisfied

Explain how the tests apply to the situation or case you have chosen.