The essential components of a contract are an agreement and a legal obligation. These components are necessary to create a legally enforceable contract between parties.

1. **Agreement**: An agreement is the first essential component of a contract. It refers to a mutual understanding or meeting of the minds between two or more parties regarding the terms and conditions of the contract. The agreement can be reached through an offer and acceptance process, where one party makes an offer and the other party accepts it. The terms of the agreement must be clear, definite, and certain.

2. **Legal Obligation**: The second essential component of a contract is the existence of a legal obligation. This means that the parties involved in the contract must have the legal capacity to enter into the contract, and the contract must be supported by valid consideration. Legal capacity refers to the ability of the parties to understand the nature and consequences of the contract and to be legally competent to enter into it. Valid consideration refers to something of value given by each party to the other, such as money, goods, services, or promises to do or not to do something.

**Both of the above**: The correct answer is option 'C' because both an agreement and a legal obligation are necessary for a contract to exist. Without an agreement, there is no meeting of the minds and no mutual understanding between the parties. Without a legal obligation, there is no enforceability of the contract and no legal remedy in case of a breach.

**Depends upon company's resolution**: Option 'D' is incorrect because the essential components of a contract are not dependent on a company's resolution. The requirements for a valid contract are determined by legal principles and not by a company's internal resolution or policy.

In conclusion, an agreement and a legal obligation are the essential components of a contract. An agreement is formed through an offer and acceptance process, while a legal obligation requires the parties to have the legal capacity to enter into the contract and the contract to be supported by valid consideration. These components are necessary for a contract to be legally enforceable.

I think the answer would be C because both are essential for contract if a contract is only agreement and it does not create legal obligation then it would never be a contract.