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LSDefine
Simple English definitions for legal terms
valid contract
Read a random definition: turnkey contract
A quick definition of valid contract:
A valid contract is an agreement between two or more people that creates obligations that can be enforced by law. It can be a written document or just a verbal agreement. A contract is like a promise that if one person does something, the other person will do something in return. If one person breaks the promise, the other person can ask a court to make them keep their promise or pay for any harm caused by breaking it.
A more thorough explanation:
A valid contract is an agreement between two or more parties that creates enforceable obligations. This means that if one party fails to fulfill their obligations, the other party can take legal action to seek a remedy. A contract can be written or verbal, but it must meet certain requirements to be considered valid.
For example, if you hire a contractor to remodel your kitchen and you both agree on the scope of work and the price, you have a valid contract. If the contractor fails to complete the work or does a poor job, you can take legal action to seek compensation.
However, if you agree to buy a used car from a private seller and they promise to fix a dent before you take possession of the car, but they fail to do so, you may not have a valid contract. This is because verbal agreements for the sale of goods over a certain value must be in writing to be enforceable.
In summary, a valid contract is a legally binding agreement that creates enforceable obligations between parties. It can be written or verbal, but it must meet certain requirements to be considered valid.