WHAT ARE THE REQUIREMENTS FOR A CONTRACT?
The requirements are (1) an offer (2) acceptance (3) consideration (4) an intention to create legal relations. Note also that some contracts must be in writing. However in many cases, contracts can be made orally.
WHAT ARE THE REMEDIES FOR BREACH OF CONTRACT?
The short answer is it depends on the circumstances and whether the term being breached is sufficiently serious. The remedies include injunction / specific performance, accept repudiation, termination and damages. Note also that there may be other causes of action e.g. in equity or tort which may be available so get advice as early as possible.
LIMITATION PERIOD FOR BREACH OF CONTRACT
Generally you must file your claim for any breach of contract within 6 years of the date of breach however in some forums such as tribunals you may be required to do so within 1 year. In addition if you are also relying on other causes of action such as negligence, then you may need to file your claim within 3 years. It is important you seek specific advice on this early.