What is the responsibility of each party in determining these elements?

Using the concepts from Chapters 7 through 11, post a message that identifies and explains the elements necessary to form a legally enforceable contract, selecting one or two of those elements for particular reflection beyond those I’ve provided in my hints (or that are in the textbook) and amplifying some of the issues that surround those elements. What is the responsibility of each party in determining these elements and when (if ever) would governmental intervention become necessary to balance the interests of the parties rather than simply enforcing the deal they have reached?
Cite a minimum of two scholarly peer reviewed sources (beyond your textbook or the Bible) applying APA guidelines (250-450 word count range).