Question: what are the essential elements of a valid?
Answer: Offer and Acceptance. Basically, a contract unfolds when an offer by one party is accepted by the other party . ... 
Intention to Create Legal Relationship. ... 
Capacity to Contract. ... 
Genuine and Free Consent. ... 
Lawful Object. ... 
Lawful Consideration. ... 
Certainty and Possibility of Performance. ... 
Legal Formalities.