What is a typical characteristic of a valid contract?

A typical characteristic of a valid contract is that it clearly outlines the terms agreed upon. This clarity is essential because a contract serves to define the rights and obligations of each party involved. A well-defined contract helps to prevent misunderstandings and disputes, as all parties have a mutual agreement on the expectations and duties to be performed. The specific terms must be understandable and detailed enough to ensure that both parties know what they are committing to, which aids in enforceability should a legal issue arise.

While mutual interests can be involved in a contract, it is not a strict requirement for validity. Contracts can exist even if one party is acting purely out of self-interest, as long as there is mutual agreement. The duration of a contract can vary widely and does not affect its validity. Additionally, while having a lawyer review a contract can be beneficial, it is not a prerequisite for a contract to be valid. A contract can be valid without legal representation, provided it meets the fundamental elements of offer, acceptance, intention to create legal relations, consideration, and capacity to contract.