Which elements must be included in a valid contract?

A valid contract must include certain essential elements to be enforceable. Among these elements, consideration, which refers to something of value exchanged between the parties, is crucial because it demonstrates that both parties are entering the agreement willingly and with an exchange that benefits them. Additionally, specifying the date the contract is signed and the performance date is important to establish timelines and obligations for both parties. This clarity helps prevent disputes over when the contract becomes effective and by when the agreed-upon actions must occur.

Including these elements ensures that the contract is not only comprehensive but also serves as a clear guide for the parties involved regarding what is expected of them and when those expectations come into effect. This understanding is vital in legal contexts where the parties must demonstrate the terms agreed upon. Therefore, the correct response encompasses all these necessary components of a valid contract.