Write 9 Sentences For Your Response: What are the four basic essential elements necessary in valid contract? What is consideration? The following list briefly describes the four requirements that must be met for a valid contract to exist. If any of these elements is lacking, no contract will have been formed. 1. Agreement. An agreement to form a contract includes an offer and an acceptance. ne party must offer to enter into a legal agreement, and another party must accept the terms of the offer. 2. Consideration. Any promises made by the parties must be supported by legally sufficient and bargained-for consideration (something of value received or promised to convince a person to make a deal). 3. Contractual capacity. Both parties entering into the contract must have the contractual capacity to do so. The law must recognize them as possessing characteristics that qualify them as competent parties. 4. Legality. The contract's purpose must be to accomplish some goal that is legal and not against public policy. Even if all of the requirements for a valid contract are satisfied, a contract may be unenforce- able if the following requirements are not met. 1. Voluntary consent. The consent of both parties must be voluntary. For instance, if a contract was formed as a result of fraud, mistake, or duress (coercion), the contract may not be enforceable. 2. Form. The contract must be in whatever form the law requires. Some contracts must be in writing to be enforceable. These requirements typically are raised as defenses to the enforceability of an otherwise valid contract