How are valid and enforceable contracts important?

Enforceable and Unenforceable Contract – An enforceable contract is one that can be enforced in court of law. A valid contract may, however, be unenforceable. That is, even though all of the essential elements of a contract are present, a court will not enforce the contract.Click to see full answer. Simply so, what makes contract valid?Most contracts only need to contain two elements to be legally valid: All parties must be in agreement (after an offer has been made by one party and accepted by the other). Something of value must be exchanged — such as cash, services, or goods (or a promise to exchange such an item) — for something else of value.Also Know, what is an enforceable agreement? An enforceable contract is any legal contract which carries the force of law behind it. It is a legal agreement between two parties which is legal binding. An enforceable contract is any legal agreement between two parties which is not restricted by any laws. Similarly one may ask, what are the 4 requirements for a valid contract? For a contract to be valid, it must have four key elements: agreement, capacity, consideration, and intention.How do you know if a contract is enforceable? Identify an offer, acceptance, and consideration. For a contract to be valid, it must have these three basic elements: a specific offer, acceptance of the terms of the offer, and consideration, which is the agreed-upon exchange of goods or services. A valid offer must be sufficiently definite.