Bradford Jacob, an attorney with over two decades of experience, outlines the essential elements of a valid legal contract, which is a binding agreement between parties. Key components include consideration, legality, offer and acceptance, and mutual consent, which must be met for a contract to be enforceable. Each state may have specific regulations, but these fundamental elements are common across all contracts.

1. ESSENTIAL ELEMENTS OF A VALID LEGAL
CONTRACT
Bradford Jacob, Virginia

2. INTRODUCTION
 Having over two decades of experience in commercial contracts,
Bradford Jacob, Virginia resident and attorney, is the president of
EPC Consulting LLC. With a mission to provide consulting
services in the construction and energy sector, Virginia State Bar
member Bradford Jacob provides essential contract management
services to clients.
A contract is a business agreement that is legally binding on all
persons who are parties to it. They are very common in business
with regard to dealings with employees, suppliers, distributors,
creditors, insurers, banks, landlords, and even customers.
A contract must fulfill certain elements before it can be considered
legally enforceable. While states may have their own regulations
with regard to the components of a valid contract, there are
certain common threads that run through all contracts such as
consideration, legality, offer and acceptance, and mutual
consent.

3. VALID LEGAL CONTRACT
 Consideration refers to the benefit received from being a party to the
contract. For example, in a contract for the supply of equipment, one
party benefits from receiving equipment, the other benefits by being
paid.
Legality goes to the purpose of the contract. For it to be legally
enforceable, it must be for a legal purpose. Contracts involving the
performance of illegal acts such as fraud or tax evasion are not legally
enforceable.
With regard to offer and acceptance, one party must offer to do
something and the other party must consent to it being done. For
example, one party offers to perform specific services and the other
agrees to accept these services. Once the terms have been defined and
the two parties have agreed to fulfill their roles as specified in the
contract, failure for which they will be legally liable for breach, they are
said to have reached mutual consent.