What is the legal term for a contract that involves an offer, acceptance, and consideration?

A valid contract is one that meets the essential elements required for it to be enforceable by law: an offer, acceptance, and consideration. An offer is a proposal made by one party, while acceptance is the agreement of the other party to the terms of that offer. Consideration refers to something of value that is exchanged between the parties, which is necessary for a contract to be legally binding.

In the context of contracts, a void contract lacks the essential elements that constitute a valid agreement, rendering it unenforceable from the outset. An implied contract, on the other hand, is formed through the actions or circumstances of the involved parties rather than through explicit words, but it still requires the foundational elements of offer, acceptance, and consideration to be considered valid. An executed contract is one that has been fully performed by all parties involved, but it does not specifically reflect on the establishment of a valid contract in terms of its elements. Therefore, a valid contract is the term that encapsulates the necessary requirement of an offer, acceptance, and consideration.