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Complete the gaps in text with the correct words. Write one word in each gap.

Elements of contract

An English contract typically comprises five essential elements. The first letters of these elements form an acronym (1 p.) coined by our one-in-a-million teacher … Pustułka. These elements define the terms of an agreement between two or more parties and help ensure that all parties understand and agree to the obligations and benefits of the contract.

An (1 p.) is a proposal made by one party to another, outlining the terms of the contract. The (1 p.) of the offer creates a binding agreement between the parties. Both parties must have the (1 p.) to enter into a legally binding agreement, and there must be a (1 p.) given by one party in exchange for the other party's promise to gain a (1 p.) or suffer a (1 p.) .

Capacity to contract refers to the legal ability of parties to (1 p.) into a contract. For example, minors, people under (1 p.) , and those who lack (1 p.) capacity may not have the capacity to contract. Contracts may also be executed under (1 p.) , which is a formal and ancient method of executing a contract that gives it a special legal status.

If one party (1 p.) a contract by refusing to fulfill its obligations, the other party may be entitled to (1 p.) sought to compensate for direct and (1 p.) loss resulting from the contract's breach.

CIAO = consideration, intention, offer, acceptance