For a contract to be valid, it needs to contain a few specific elements. These include:
This will state the offer made by one party and the acceptance of the offer by the other party and does not include counteroffers or conditions.
Each party to the contract must be of sound mind and agree without force or coercion.
The thing of value that is being exchanged must be stated in the contract. For instance, payment of money or a service provided.
Both parties must intend to agree.