When dealing with contracts, what must be present for the contract to be considered valid?

For a contract to be considered valid, it must involve legal subject matter, which means that the agreement pertains to activities or goods that are lawful under the jurisdiction in which the contract is created. Contracts that violate the law or public policy are deemed unenforceable. This ensures that the terms of the contract comply with legal standards and principles, providing a foundation for the agreement that can be upheld in a court of law.

While oral agreements can sometimes be valid, they lack the robustness of written contracts, especially for certain types of transactions that require written documentation. Public approval is not a requirement for contract validity, as contracts can generally be created privately between parties. Notarized signatures may lend credibility and may be necessary for certain types of documents, but they are not a universal requirement for the validity of a contract. Therefore, having legal subject matter is essential for establishing the validity of any contractual agreement.