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 Court of Appeal held the essential elements of a contract were all present, including offer and acceptance, consideration and an intention to create legal relations.

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