·         Offer— A bid or proposal by a competent offeror that a contract be entered into 

·         Acceptance— The expression by the offeree of his/her assent to the offer and communication of that assent to the offeror  

·         Lawful Purpose 

·         Consideration— Something of value in the eyes of the law exchanged by the parties to bind the agreement 

·         In Accordance with Law and Regulation