In order for any valid contract to exist, these elements must be present:

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For a contract to be valid, it must include mutual assent (agreement by both parties), legal capacity of the parties (ability to enter into a contract), consideration (something of value exchanged), and a legal purpose (the contract's aim must be lawful). A writing is not always required for a contract to be valid, as many contracts can be oral or implied by conduct.

In Order for Any Valid Contract to Exist, These Elements