Consideration primarily depends on the terms and conditions which are agreed by both the parties in the first step. (Arnold & William 2010, 121)Another requirement for a contract to be considered valid is that, the parties concerned should be of sound mind and should be eligible for making legal contracts as per the law of the land. Contracts made between underage parties are considered invalid. The contract should also be formal in nature; informal agreements like an invitation to a party cannot be termed as a valid contract. (Arnold & William 2010, 121)All the contracts which are made between the parties should be formulated according to the law of the land. If a contract is against the law, then the contract cannot be considered legal, even if both the parties agree on the terms and conditions of the agreement.Another requirement of a valid contract is that the concerned parties should agree on the terms and conditions of the contract independently. There should be no external pressure on any parties in respect to the terms of the contract. If the contract is made under influence then the contract is considered invalid.The conditions which are agreed between the concerned parties should be clear and should not lead to some kind of uncertainty or vagueness. Vague or improper contracts are considered void and cannot be taken to the judicial court in case of a dispute. ( Arnold & William,. Essentials of a Valid Contract.
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