Which term refers to agreements that are legally enforceable?

A valid contract refers to an agreement that meets all the essential criteria stipulated by law, making it legally enforceable. For a contract to be considered valid, it must have mutual consent (offer and acceptance), a lawful object, consideration (something of value exchanged), and the capacity of the parties involved to enter into a contract. The presence of these elements ensures that the agreement holds up in a court of law, meaning that the parties can be compelled to fulfill their obligations under the terms agreed upon.

In contrast, an unenforceable contract may have some elements of a valid contract but suffers from legal impediments, such as being outdated under a statute of limitations or lacking a necessary formality, which prevents it from being enforced by law. Oral contracts, while they can be valid and enforceable, may often face challenges in proving their existence and terms compared to written contracts. Implied contracts, on the other hand, arise from the actions or circumstances of the parties rather than explicit written or spoken words, and while they can also be enforceable, the term "valid contract" encompasses all forms of contracts that meet legal requirements. Therefore, valid contract is the term that accurately describes agreements that are enforceable by law.