1. There must be at least two
parties
If no one party or two parties, there is
no contract.
The party to the contract may be either
one person or more i.e. the co-owner is
intended to sell property to one person
or the director is acted on behalf of the
company.
One party alone can not form a contract.
For example, in a sale contract, there are
a seller in one party and buyer in the
other.