A loan agreement must clearly set out the repayment terms — including the amount, interest…

How Contracts Are Formed
A contract starts with a clear offer and a clear acceptance. Both must be unambiguous and match in all material terms. If there’s confusion or uncertainty about what was agreed, there may be no valid contract. For example, “I’ll think about it” is not acceptance. Neither is “I accept, but only if you add X.” Clear communication is key to forming enforceable agreements.
