Contracts
Valid contract
An agreement meeting every legal requirement, binding on both parties
The requirements are competent parties, mutual agreement — offer and acceptance — consideration, and a lawful object. Miss one and the agreement is void, voidable or unenforceable rather than valid.
How the exam asks about it
Writing is deliberately not in that list. It is not an element of validity in general; it is a requirement the Statute of Frauds imposes on particular contracts, land sales among them, to make them enforceable.
Related terms
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