What is a requirement for a valid contract in the context of negotiation?

A valid contract requires that it includes complete and definite terms. For a contract to be enforceable, the parties involved must have a clear understanding of their obligations and the specifics of the agreement. This means that the terms should outline what is being offered, the price, and any other relevant details that define the agreement between the parties. Having clear terms helps to avoid disputes and ensures that both parties are aware of what is expected of them.

In contrast, a contract based solely on verbal agreements can lead to ambiguity and misunderstandings, making it difficult to enforce. Similarly, if the price or other terms are unclear, the contract may not hold up in a legal context. Furthermore, a valid contract must involve at least two parties who agree to the terms; a contract involving only one party cannot exist, as there must be mutual consent for a contract to be valid. Overall, clarity and completeness in the terms are essential for any contract to be deemed valid.