Beyond intention to create legal relations (from Balfour v. Balfour, 1919, distinguishing social agreements), the essential ingredients for a valid contract under Ghanaian common law include:

• Offer and Acceptance: A clear offer (proposal) must be unconditionally accepted. E.g., in banking, a loan offer letter accepted by signing forms the contract. Must be communicated (Carlill v. Carbolic Smoke Ball, 1893).
• Consideration: Something of value exchanged, past consideration invalid (Re McArdle, 1951). In loans, interest or collateral is consideration. Ghana recognizes promissory estoppel as equitable relief where no consideration (Central London Property v. High Trees, 1947).
• Capacity to Contract: Parties must have legal capacity: adults (over 18), sound mind, not disqualified. Special rules for minors (limited), companies (ultra vires under Act 992), and partnerships. Banks verify this when opening accounts for trustees or executors.
• Legality of Object: Purpose must be lawful, not illegal, immoral, or against public policy (e.g., no contracts for fraud). In banking, loans for illegal activities are void; BoG monitors via AML directives.
• Free Consent: No vitiating factors like undue influence, misrepresentation, mistake, or duress. Banks avoid undue influence in lending (e.g., guarantors), as per cases like Royal Bank of Scotland v. Etridge (2001).
• Certainty of Terms: Terms must be clear and complete. Standard forms in banking (e.g., account terms) ensure this.

These elements integrate into banking for enforceable agreements, e.g., in treasury operations or lending at Ecobank Ghana. Non-compliance risks void contracts, as seen in post-DDEP disputes, emphasizing due diligence for BoG approval and ethical practices.