What might a valid contract lack that results in it being declared unenforceable?

A valid contract requires certain essential elements to be enforceable, and one of those key elements is consideration. Consideration refers to something of value that is exchanged between the parties involved in a contract. Without consideration, a contract may lack a vital component that demonstrates a mutual agreement and incentive for both parties to engage in the contract.

For a contract to be valid, it must involve an exchange—this can take the form of money, services, goods, or an act. If there is no consideration, it suggests that one party is not receiving anything in return for their promise, which undermines the agreement's enforceability. Thus, when a contract lacks this element, it may be declared unenforceable because it fails to meet the requirements for a valid agreement.

In contrast, consent, capacity, and legality all address different aspects of a contract. Consent pertains to the willingness of the parties to enter into an agreement, capacity involves the legal ability of parties to contract, and legality refers to the requirement that the contract must be for a lawful purpose. While these elements are also critical, it is the absence of consideration that directly leads to a contract being unenforceable due to the lack of exchange of value.