What is required for a contract to be enforceable by law?

For a contract to be enforceable by law, there must be an exchange of a promise or performance, which is often referred to as consideration. This means that both parties involved in the contract agree to give something of value, whether it be a promise, service, or tangible goods. This mutual exchange creates a legal obligation for both parties to fulfill their respective parts of the agreement, making the contract binding.

Consideration is fundamental to contract law because it differentiates a legally enforceable contract from a mere promise or an invitation to treat. Without consideration, even if two parties agree on terms, there would be no legal basis for enforcing the agreement if one party fails to comply.

While having written documentation can be helpful, especially for clarity or certain types of contracts that must meet specific legal requirements (like real estate transactions), it is not strictly necessary for all contracts to be enforceable. Similarly, mutual interest or a witness to the agreement may help establish the relationship or authenticity but are not prerequisites for legal enforceability. Consequently, the presence of consideration is what truly solidifies a contract's enforceability in the eyes of the law.