What is the legal basis for the prescription of the Udhiyah (animal sacrifice)?

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The foundation for the legitimacy of the Udhiyah is derived from the Book (Quran), the Sunnah (Prophetic tradition), and the consensus (Ijma). Regarding the Quran, the evidence is the verse: "So pray to your Lord and sacrifice [to Him only]" (Quran 108:2). Some exegetes interpret this as specifically referring to the sacrifice performed after the Eid prayer. The Sunnah evidence is the narration by Anas, stating that the Prophet, peace be upon him, sacrificed two speckled rams with horns, slaughtering them with his own hand, pronouncing the name of Allah and the Takbir, and placing his foot upon their sides. This narration is Muttafaq 'alayh (agreed upon by Bukhari and Muslim). Furthermore, Muslims have reached a consensus on the legitimacy of the Udhiyah.