What Are the Five Essential Elements of a Valid Contract

question 76

Essay

What are the five essential elements of a valid contract?

---

Definitions:

Innovators

Early adopters of new technologies, trends, or products, who are often key to initiating the spread or acceptance of innovations within a larger population.

Late Adopters

Individuals or groups who purchase or try new products or adopt new technologies later than the majority of consumers.

Early Majority

A segment of consumers in the diffusion of innovation theory who adopt new products or services after a careful review once they have been proven by early adopters.

Reese's Pieces

A brand of candy consisting of peanut butter filling encased in a shell of milk chocolate, marketed by The Hershey Company.