A valid contract typically requires which of the following?

A valid contract is fundamentally built on the principle of mutual consent. This means that all parties involved must come to a clear understanding and acceptance of the terms and conditions laid out in the contract. In legal terms, mutual consent is often referred to as a "meeting of the minds," which ensures that every party has the same interpretation of the agreement and is voluntarily entering into it without coercion or misrepresentation.

While aspects like written documentation can provide clarity and support in case of disputes, and agreement on all terms is necessary for a contract to be complete, the essence of a valid contract lies in the mutual consent of the parties involved. This foundational element underscores the very legitimacy of the agreement itself. Two witnesses may not be legally required for many contracts, further reinforcing that while certain supportive structures can enhance the validity and enforceability of a contract, it is the mutual consent that is critical for the establishment of a legally binding agreement.