When it comes to contracts, legally valid means that the contract is binding, possessing legal force, and legally sufficient. This means that the contract has been executed in accordance with all the required legal procedures and is binding on the people who executed it and can be enforced. An act, deed, will, or other document that has received all the formalities required by law is considered valid or legally valid. For a contract to be legally binding and enforceable, it must have mutual consent from all parties involved and should not be obtained through fraud, coercion, or undue influence.
All parties must also be legally competent to enter into the contract (be of legal age and mentally competent at the time the contract is concluded) and give their consent to conclude the contract. When a contract is valid, it becomes legally enforceable, which means that all parties involved can be legally obliged to do what the contract states is required of them. In order for a contract to be considered legally valid, certain requirements must be met. These include mutual consent from all parties involved, legal competency of all parties involved, and no fraud, coercion, or undue influence.
Once these requirements are met, the contract becomes legally enforceable and all parties are bound by its terms. It's important to understand what makes a contract legally binding and enforceable in order to ensure that any contracts you enter into are valid and can be enforced. Knowing what makes a contract legally valid can help you protect your rights and interests when entering into any kind of agreement.