Definition: A valid contract meets the requirements for forming a legally binding agreement, including capacity, assent, lawful purpose, and consideration.
Example
Capable parties agree to exchange an identified property for an agreed price through a properly formed agreement.
Keep the distinction clear
Valid describes formation. Enforceability is a separate question when a required writing, filing deadline, or another legal barrier is involved. Valid also does not mean fully performed.
Related terms
Enforceable Contract · Unenforceable Contract · Executory Contract
Keep studying
Valid, Void, Voidable, and Unenforceable Contracts
References: Cornell LII: contract
Pronunciation (US): VAL-id KON-trakt (capitals show stress)
Pronunciation reference: Merriam-Webster
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