Which of the following is NOT a requirement for a valid contract?

A valid contract requires several key elements to be enforceable in a legal context. Among those necessary elements are offer and acceptance, capacity to contract, and consideration.

The requirement of formal writing, however, is not universally necessary for a contract to be valid. While certain contracts must be in writing to be enforceable due to the Statute of Frauds (e.g., contracts involving the sale of real estate), not all contracts require a formal writing. Many verbal agreements can constitute a valid contract as long as they meet the other essential elements. Thus, the presence of formal writing is dependent on the type of contract and is not a blanket requirement for all contracts to be considered valid.

This understanding highlights the importance of distinguishing between various types of agreements and recognizing that while some contracts may benefit from written documentation, the absence of formal writing does not invalidate a contract if the other essential components—such as offer and acceptance, capacity, and consideration—are present.