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Feb 17
A valid contract is a legally binding agreement between two or more parties that is enforceable by law. In order for a contract to be considered valid, it must meet certain requirements, including:
1. Offer and acceptance: There must be a clear offer made by one party and an acceptance of that offer by the other party.
2. Consideration: Both parties must exchange something of value, such as money, goods, or services, in order for the contract to be valid.
3. Legal capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of sound mind and of legal age.
4. Legal purpose: The contract must be for a legal purpose and not violate any laws or public policy.
If a contract meets all of these requirements, it is considered valid and enforceable.
1. Offer and acceptance: There must be a clear offer made by one party and an acceptance of that offer by the other party.
2. Consideration: Both parties must exchange something of value, such as money, goods, or services, in order for the contract to be valid.
3. Legal capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of sound mind and of legal age.
4. Legal purpose: The contract must be for a legal purpose and not violate any laws or public policy.
If a contract meets all of these requirements, it is considered valid and enforceable.
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