What is a key element of a contract?

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A key element of a contract is its legality and enforceability. For a contract to be valid and binding, it must comply with the law and not involve illegal activities or terms. This means that the subject matter of the contract must be legal and that the parties entering into the contract must have the legal capacity to do so—such as being of legal age and of sound mind. If a contract is not legal or cannot be enforced, it will not hold up in a court of law, making it ineffective as a binding agreement.

While the presence of a witness, a willingness to negotiate, and an agreement in writing can be important in certain contexts, they are not fundamental requirements for the formation of a contract. Some contracts can be enforceable even if they are not written down, depending on jurisdiction and the nature of the agreement, as long as they meet the basic legal principles required.

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