Question

What is required to have a legally valid contract?

a.
The contract must contain appropriate legalese.
b.
The contract must be put in writing.
c.
The contract must represent a valid agreement between parties.
d.
The contract must represent a valid agreement between parties and an exchange of something of value between parties must have occurred or been promised to occur.

Answer 1

D.) The contract must represent a valid agreement between parties and an exchange of something of value between parties must have occurred or been promised to occur.

Answer 2

The answer is: D. The contract must represent a valid agreement between parties and an exchange of something of value between parties must have occurred or been promised to occur.

To be valid, the agreement must be made voluntarily by all the parties involved. (noone was forced to sign the agreement under threat). The contract also need to completely specify in writing the responsibilities from each parties along with the obligations that they have to do to one another.