Common use of Valid Contract Clause in Contracts

Valid Contract. To have a valid and enforceable contract there needs to be (1) an offer, (2) acceptance, and (3) consideration. Here, the facts indicate that ▇▇▇ and ▇▇▇▇ reached an agreement related to the terms. Thus, the first two elements are present. Additionally, the contract calls for ▇▇▇▇ to construct a residence to ▇▇▇’s specifications and for Ben to pay ▇▇▇▇ $200,000 in return. Thus, there is a bargained-for exchange of legal detriment by the parties because they are both doing something that they have no legal obligation to do, in exchange for a benefit.