what constitutes a valid contract
A contract is a legally binding or valid agreement between two parties. The law will consider a contract to be valid if the agreement contains all of the following elements:1  offer and acceptance; 2  an intention between the parties to create binding relations; 3  consideration to be paid for the promise made;4  legal capacity of the parties to act; 5  genuine consent of the parties; and.he law will consider a contract to be valid if the agreement contains all of the following elements: 1  offer and acceptance; 2  an intention between the parties to create binding relations; 3  consideration to be paid for the promise made; 4  legal capacity of the parties to act; 5  genuine consent of the parties; and.