Requirements of a valid contract:
- Legality: The contract should not be unethical and should abide to the law.
- Capacity: Both parties should be of sound mind when signing the contract. All parties must have the legal capacity to contract.
- Consideration: Thought should be taken when signing the contract.
- Offer and acceptance: An offer must be made by one party and accepted by another. The acceptance of contract or offer must either be in writing and signed or orally discussed. Acceptance must be clear and unambiguous
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