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There are generally six requirements of a valid contract:

1. Agreement- which requires offer and acceptance.

2. Considerations- money.

3.Capacity to contract- Must not be minor, insane or intoxicated.

4.Genuineness of Assent- intention of both parties when contract was entered into.

5. Lawful purpose- must be for legal use in order to be a valid contract or enforceable contract.

6. Lawful Form- if the law requires it to be in writing it must be. Statue of Frauds requires that all real estate contracts with the exception of a residential lease lasting less then 3 years must be in writing.

Only after all these requirements have been met can a contract be deemed valid and legally enforceable.

A meeting of the minds is the most important aspect.

In some cases the court can infer contract terms if they determine that there was a contract. The two key items are the Who and What.

Who - The names of the parties.

What - The obligations of the parties. How much, when and what is the price.

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