6 Elements of a Valid Contract

Form

The contract must be in whatever form the law requires; maybe they must be in writing or orally.

Consideration

Any promises made by parties must be supported by legally sufficient and bargained- for consideration (something of value offered to convince person to make deal)

Genuineness of Assent, or Voluntary Consent

Consent of both parties must be genuine (not formed as a result of fraud or mistake).

Contractual Capacity

Law must recognize both parties as possessing characteristics that qualify them as competent parties.

Agreement

Includes an offer and an acceptance.

Legality

The contract's purpose is to accomplish some goal that is legal not against public policy.