For example, a contract will not be enforced by a court if the bargained-for promise is for one party to provide illegal drugs.Īnalyze all of the terms to be included in the contract. Legality refers to the fact that the contract cannot contain any illegal terms.Capacity or competency means that the parties must be legally capable of entering into contracts, which usually means that they must be over 18 years of age and mentally sound.Typically, consideration involves a payment by one party to another. ![]() ![]() It is the value bargained for by the parties. Consideration is a benefit or detriment to one party, exchanged for the other party’s promise to do something.Mutual assent refers to the agreement of the parties as to all contract provisions.These required elements include: X Research source Although these elements can be negotiated to some degree, your contract should thoroughly address each element. All contracts should contain the same basic elements. Know the required elements of a valid contract.
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