Both are considered binding, given all other elements of a contract exist.

At common law, the elements of a contract are offer, acceptance, intention to create legal relations, and consideration.

But, in fact, the instrument lacks one necessary element of a contract.'

In addition to the elements of a contract:

The elements of a contract are mutual assent, consideration, legally competent parties and legal purpose.

The agreement also contained no provision for the rental to be paid, another essential element of a contract of lease.

Thus, for example, there is no statute in most states which one can consult for answers on basic issues like the essential elements of a contract.

Valid contract: An agreement which has all the essential elements of a contract is called a valid contract.

The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation."

In general terms, the essential elements of a contract of sale are no different to the essential elements of any other contract.

In the case of an officious intermeddler, this element of a contract is missing: consideration (goods or services) was provided by one party, but without the mutual consent of the receiving party.

Where all the elements of a contract, at the time of its conclusion, are connected with only one country, Article 3 may not be used to evade the mandatory provisions of the that state (Article 3(4)).