Valid Contract
An agreement that has the four essential elements: competent parties, mutual assent, a legal purpose, and consideration.
A valid contract is one that meets all four essential requirements: competent parties, mutual assent through offer and acceptance, a legal purpose, and consideration. A valid contract is legally binding and enforceable.
For the sale of real property, a valid contract must also satisfy the Statute of Frauds by being in writing and signed by the party to be bound.
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- Offer and Acceptance (Mutual Assent)
The matching offer and acceptance that create the mutual assent, or meeting of the minds, required for a contract.
- Consideration
Something of legal value that each party exchanges, which is required for a valid contract.
- Statute of Frauds
The rule that contracts for the sale of real property must be in writing and signed to be enforceable.
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.