A simple contract is an agreement between competent parties for the doing or not doing of a particular thing for a consideration. The agreement may be oral or in writing. The Statute of Frauds requires certain contracts to be in writing. It is advisable to reduce all contracts to writing to avoid disputes as to terms of the contract. The contract need not be under seal. There are no technical words required in the formation of a contract. The essential things are to set out (1) the names of the parties to the contract, (2) the subject-matter, (3) the consideration. Any conditions or special provisions should be distinctly incorporated in the contract.