Title: Identify the characteristics of a valid contract.
Course: Principles of Business and Marketing (12051-36) > Section: Making Sound Business Decisions

Identification should include the following points:

- Valid contracts may be written or unwritten.
- Valid contracts meet four requirements (agreement, competent parties, consideration, and legality).
- Examples of valid contracts include a lease, a credit card, an employment agreement, an insurance policy, and any purchase agreement.

Process/Skill Questions:

- What are the requirements of a valid contract?
- How can a valid contract be enforced?
- What are the benefits of a written contract over an unwritten contract?
- Can an email message constitute a legally binding agreement? A text message?