Final answer:
A legal, enforceable agreement meeting all the essential, basic requirements of the law is known as a valid contract.
Step-by-step explanation:
Legal, enforceable agreements meeting all the essential, basic requirements of the law are known as valid contracts. A valid contract is an agreement between two or more parties that creates legally enforceable rights and obligations. To be valid, a contract must have certain elements, including mutual assent, consideration, capacity, and legality.
For example, let's say you agree to sell your bike to a friend for $100. If both parties agree on the price, the bike is in good condition, and there is a clear offer and acceptance, then this agreement would meet the basic requirements of the law and be considered a valid contract.
By having valid contracts, individuals and businesses can have confidence in their agreements and seek legal remedies if the other party fails to fulfill their obligations.