In contract law, a legally enforceable agreement is typically characterized by?

In contract law, a legally enforceable agreement is indeed characterized by intention and consideration. Intention refers to the parties’ mutual desire to enter into a binding arrangement; there must be a clear intent to create legal obligations. Consideration involves something of value exchanged between the parties, which can be money, services, or a promise to act or refrain from acting in a certain way. Without this fundamental intention and consideration, a contract may not be upheld in a court of law.

Verbal agreements are not sufficient on their own, as contracts can also be written, and certain types of contracts must meet legal formalities to be enforceable. Personal trust is not a requirement in contract law; while trust may enhance business relations, it does not fulfill the legal criteria needed for enforceability. Lastly, flexibility in terms may lead to disputes over what was agreed upon, so while some agreements may allow for modifications, legally binding contracts require clear and specific terms rather than vague or excessively flexible conditions.