Final answer:
A valid contract is one that has all the required elements and is enforceable.
Step-by-step explanation:
When a contract has all of the required elements and is enforceable, it is known as a valid contract. A valid contract is one that is legally binding and can be enforced by the courts if any party fails to fulfill their obligations. The required elements of a valid contract include offer, acceptance, consideration, capacity, and legality.