To submit an essay on spec (short for “on speculation”) means to submit a finished, written and polished piece—as opposed to the few short paragraphs in which you would try to sell an idea in a standard article pitch. The obvious downside is that you’re stuck writing the entire thing beforehand, on your own dime, without any certainty the piece will sell. That said, personal essays are a great opportunity to show off your distinct voice as a writer. Editors will be more likely to consider your essay based on its storytelling merits alone, instead of on your portfolio of past work (or lack thereof).
Each contractual party must be a "competent person" having legal capacity. The parties may be natural persons ("individuals") or juristic persons (" corporations "). An agreement is formed when an "offer" is accepted. The parties must have an intention to be legally bound ; and to be valid, the agreement must have both proper "form" and a lawful object. In England (and in jurisdictions using English contract principles), the parties must also exchange " consideration " to create a "mutuality of obligation," as in Simpkins v Pays .