The other requisites of a contract are—
1. It must be possible of accomplishment. 2. It must be in accordance with law. 3. Its performance must not injure the public. 4. The parties to a contract must be competent to do the things to which they pledge themselves. 5. A drunken or an insane man cannot make a contract. 6. All parties to a contract must be agreed.
THE CONSIDERATION
No contract can be held as binding where the consideration is not named.
A promise, verbal or in writing, to do something for a certain party, cannot be enforced.
A promise to do the same thing for a stipulation named is a contract and may be enforced.
A gift is not a form of contract. Once made it cannot be legally taken back.
WRITTEN AND VERBAL CONTRACTS
There are certain forms of contract which cannot be legally enforced, unless they are in writing.
1. All contracts for the sale of real estate. 2. Contracts that are not to be performed for a year or more. 3. All contracts, to answer for the debt and obligations of another, must be in writing.