what would be a better way to write this conclusion. Do the elements of a contract apply to my child custody agreement because it is an oral agreement? What would happen in a court case if one of us breaches our oral agreement, and can an oral agreement/contract be breached? Contracts are an essential part of society. A contract is binding as long as the five essential elements of a contract: offer, acceptance, consideration, capacity, and legality are met.They do everything from allowing someone to apply for a credit card to an agreement to the responsibility of a child