What is generally included in the elements of a valid contract?

A valid contract is fundamentally established through the presence of an offer and acceptance. This key element signifies that one party has proposed terms or conditions, and the other party has agreed to those terms, creating a mutual understanding and intent to be bound by the agreement. This interaction forms the core of contractual agreements, as it ensures both parties are in accord over the fundamental aspects of the deal being made.

While performance metrics, closing dates, and payment schedules can be important details within a contract, they are typically considered additional terms rather than essential elements required for a contract's validity. The offer and acceptance lay the groundwork for any enforceable agreement, emphasizing the necessity for clear communication and mutual consent between the parties involved.