What are 3 main parts of a contract? 1. Offer - a good or a service needs to be offered. 2. Acceptance - the buyer must be willing to have what is being offered. 3. Consideration - the amount the buyer is willing to give in exchange for the good or service in the offer. Inside Elements of a Contract. Offer. Acceptance. Consideration. Mutuality of Obligation. Competency and Capacity. Writing Requirement. Contract Formation Under the U.C.C.