Excerpt from Business Law: A Ready Reference Desk Manual Parol or simple contracts need not be under seal, and, unlike contracts under seal, require a consideration to support them. An executory contract is one in which a party binds himself to do or not to do a particular thing. An executed contract is one in which the Object of the contract is performed. Elements of Contracts. The essential elements of contracts are the existence of two or more contracting parties, a meeting of their minds by which each gives his voluntary assent to the thing agreed upon, and an Obligation, either created or dissolved, which constitutes the subject matter of the undertaking. Parties. The parties must be capable of con tracting at the time they enter into the obliga tion; without' the capacity to contract there can be no assent and no Obligation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.