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What constitutes contract and what constitutes agreement. A valid contract is which of all essential components which present and in which the court would enforce as a legally binding promise.hat constitutes contract and what constitutes agreement. A valid contract is which of all essential components which present and in which the court would enforce as a legally binding promise.
A contract is any legally enforceable promise or set of promises made between two or more parties. Contracts can be written or simply said aloud, and can range from a single oral provision -- such as âIf you give me that book, Iâll pay you $10 for itâ -- to huge agreements with thousands of provisions.Each provision is a contractual obligation, meaning a failure to follow one is a breach of the contract itself.ontracts can be written or simply said aloud, and can range from a single oral provision -- such as âIf you give me that book, Iâll pay you $10 for itâ -- to huge agreements with thousands of provisions.