What must be present in a contract for it to be enforceable?

For a contract to be enforceable, mutual agreement is essential as it signifies that both parties have reached a consensus on the terms of the contract. This mutual agreement is often encapsulated in the concept of "offer and acceptance," where one party proposes terms and the other party agrees to those terms, leading to a binding agreement. Without this mutual agreement, there cannot be a legal obligation for either party to perform as stipulated in the contract.

The other elements, such as formal approval by authorities or financial backing, may be relevant depending on the context or nature of the contract, but they are not universally required for enforceability. Project completion is also not a requirement because a contract can be enforceable even if the project is not yet completed; what matters is the agreement between the parties regarding the obligations to be fulfilled. Thus, mutual agreement stands as a crucial foundation for enforceable contracts.