Define contract. Explain the essentials of a valid contract.

A contract is a legally binding agreement between two or more parties that creates obligations enforceable by law. It is a cornerstone of business and commerce, governing countless transactions every day. From simple exchanges of goods or services to complex commercial agreements, contracts provide a framework for parties to define their rights, duties, and expectations.

Essentials of a Valid Contract:

1. Offer and Acceptance (Consensus ad idem):
   - An offer is a proposal made by one party (the offeror) to another (the offeree), expressing a willingness to enter into a contract under certain terms. The offer must be clear, definite, and communicated to the offeree.
   - Acceptance occurs when the offeree agrees to the terms of the offer without any conditions or modifications. Acceptance must be communicated to the offeror, and it creates a binding agreement between the parties.

2. Intention to Create Legal Relations:
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