What are the essential terms of a contract?

Nova Scotia, Canada

The following excerpt is from Langthorne v. Humphreys, 2011 NSSC 44 (CanLII):

To form a binding contract the parties privy thereto must agree on all the essential terms of the contract. Essential terms may be implied rather than expressed, but courts are reluctant to imply the existence of essential terms of a contact - Roscoe JA at para. 47 Sinanan v. Woodyer (1994), 1999 NSCA 74 (CanLII), 176 N.S.R. (2d) 201 (CA).

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