Requirements for a valid contract

For a contract to be valid it must meet the following

• Parties must be of legal age and sound mind.
• Parties must be serious about what they are doing.
• Parties must make sure that the conditions stated in the contract are reasonable and that they will be able to comply with them.
• Parties must be clear about what is expected of them.
• Parties must enter into a contract for a legal purpose and not for illegal reasons e.g. to steal from someone