Question: What are the three (3) required elements to create a valid contract? In the movie The Founder we learned about Ray Kroc and the McDonalds

What are the three (3) required elements to create a valid contract?

In the movie The Founder we learned about Ray Kroc and the McDonalds brothers business dealings. Ray Kroc says in the movie, Contracts, like hearts, are meant to be broken. In the movie, the McDonald brothers found this out the hard way. Near the final segment of the film, they end up being bought out by Ray Kroc not because they wanted to, but by this time he held all the power and virtually left them with no choice.

In business, do you believe that a verbal agreement or handshake ever suffice without one side being the bad guy?

What could the parties do to ensure both are satisfied with the contract purpose, deliverables and termination/expiration:

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