Essential of a valid contract

Question

Accepted Answer

A valid contract must have offer, acceptance, consideration, legal capacity, and legal purpose.

Offer: One party must make a clear and definite proposal to another party.
Acceptance: The other party must accept the offer without any changes or modifications.
Consideration: Both parties must exchange something of value, such as money or services.
Legal capacity: Both parties must have the legal ability to enter into a contract, such as being of legal age and sound mind.
Legal purpose: The contract must be for a legal purpose and not violate any laws or public policy.
Example: A person offers to sell their car to another person for $10,000. The other person accepts the offer and pays the $10,000. Both parties have exchanged something of value and have the legal capacity to enter into the contract. The purpose of the contract is legal and does not violate any laws or public policy.

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