What three parts of a contract are necessary in order for it to be legally binding?

1. Offer

2. Acceptance

3. Capacity and Competency to a contract

Explanation:

The three parts of the contract are as follows:-

1. Offer:- offer refers when we propose to another party for a reason in terms of business proposal etc.

2. Acceptance:- when another party accepts the offer of that party whose offering is called acceptance.

3. Capacity and Competency to a contract:- The person enter in a contract should be capable and not less than 18 years i.e. minor, unsound mind, etc. should not come in a legal contract.

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