what constitutes an enforceable contract?
A contract is valid only if it has all of five characteristics. A contract is a legally enforceable agreement between two or more parties. A contract is valid only if it has all of five characteristics. A contract is a legally enforceable agreement between two or more parties. It may be oral or written. A contract is essentially a set of promises. Typically, each party promises to do something for the other in exchange for a benefit. Required Characteristics. To constitute a legal contract, an agreement must have all of the following 5 characteristics: Legal purpose A contract must have a legal purpose to be enforceable. For example, Steve hires Paul to kill Susan. Steve drafts an agreement outlining Paul's responsibilities, namely to acquire a gun and shoot Susan in the head. The agreement also specifies the amount Steve will pay Paul once Susan is dead.