Elements of Contract:
1. Essential elements – those elements without which therecan be no valid contract. This element are consent, object orsubject matter and cause or consideration
2. Natural elements – those elements which are found in acontract by its nature and presumed by law to exist, such asWarranty of hidden defects or eviction in contract of sale.
3. Accidental elements - those which exist by virtue of anagreement for the purpose of expanding, limiting, or modifying acontract. Such accidental elements are condition, clauses,terms, modes of payment, or penalties.