what are the valid requirements of a valid contract?

Answer 1

For a valid contract you need a meeting of the minds, in other words both parties agree and understand what they are contracting to do.

The agreement can be done orally or in writing.

There needs to be consideration (money, goods or services) paid.

The contract cannot be for anything illegal or unconscionable.

Answer 2

The basics are:
1. Offer. There must be an offer.
2. Acceptance. That offer must be expressly accepted, and it may be accepted through performance in certain instances, depending on the nature of the offer.
3. Consideration. Most states use a Bargain for Exchange where something is given for another, regardless of value. Consideration does NOT have to be equal, or anything close to equal.

If the contract is one for a service which cannot be performed within a year, at all and under any circumstance, then it MUST be signed by the party to be charged. (good idea for both to sign a written agreement.)
Also, if the contract is for the sale of something more than $500, it must be signed by the party to be charged.

These are the basics. They are a guideline only.

Answer 3

I would say that there are five things that you must have for a legal contract. 1. Contractual capacity: both parties must be able to legally enter into a contract at the time the contract is made 2. Offer: There must be an offer that is made 3. Legal object: The object in the contract must be legal 4. Acceptance: Both parties understand and agree to the terms 5. Consideration: There is an exchange of money, goods, or services for the legal object

Answer 4

It depends on the state you are in, but in general:
1. capacity: mental capacity and either of sufficient age or contracting for a necessity.
2. meeting of the minds is no longer the requirement in the majority of states, but could be in yours. Now, the majority use an objective test. You must have an agreement that includes offer and acceptance.
3. If you are contracting for the sale of land or any real property the contract must be in writing. Other contracts may be oral, but they are difficult and expensive to prove and you are limited in the evidence you can present in court to prove the terms of an oral
contract.
4. Consideration: you must have bargained for something in order for a contract to be enforceable: give and take. If there is no consideration, it is a gift.
5. Assent of both parties.
6. Legality.