What are the requirements for a valid contract?

There are generally six requirements of a valid contract:
1. Agreement- which requires offer and acceptance.
2. Considerations- money.
3.Capacity to contract- Must not be minor, insane or intoxicated.
4.Genuineness of Assent- intention of both parties when contract was entered into.
5. Lawful purpose- must be for legal use in order to be a valid contract or enforceable contract.
6. Lawful Form- if the law requires it to be in writing it must be. Statue of Frauds requires that all Real Estate contracts with the exception of a residential lease lasting less then 3 years must be in writing.
Only after all these requirements have been met can a contract be deemed valid and legally enforceable.
A meeting of the minds is the most important aspect.
In some cases the court can infer contract terms if they determine that there was a contract. The two key items are the Who and What.
Who - The names of the parties.
What - The obligations of the parties. How much, when and what is the price.