Contract
A contract consists of an agreement between two of more parties for an exchange of goods or services. Elements of a valid contract include an offer, an acceptance and an exchange of consideration. For example, when you see an item for sale, the quoted price is the offer. The credit card or cash you give to the sales clerk for the item is the consideration for the contract, and the acceptance occurs when the sales clerk takes your money and hands you the item. Possession of the item and title pass in a valid contract.