To be valid, a contract must include the following conditions: Consent, informed consent, right to refusal and right to amend.Both parties must be adults who share the same mind set, are willing to exchange considerations and they must honor the terms.Contracts must bring tort to at least one party involved.Both parties must be competent, there must be "meeting of the minds", parties must agree to an exchange of consideration$($s$),$ and the purpose of the contract itself must be legal.