What is required alongside competent parties for a contract to be valid?

For a contract to be valid, it must not only involve competent parties but also require the legality of the object. This means that the purpose or subject matter of the contract must be legal and not against public policy. If the contract involves illegal activities or objectives, it cannot be enforced in a court of law, regardless of the agreement between the parties.

The concept of legality ensures that contracts promote fair play and societal norms. For example, if parties agree to a contract for the sale of illegal drugs, that contract would be void and unenforceable due to its illegal nature.

While having a written agreement, payment of fees, or detailed clauses might enhance the clarity or execution of a contract, they do not form the fundamental basis for contract validity. A verbal contract could still be considered valid if it meets the other criteria, and not all contracts require payment of fees upfront for them to be enforceable. Thus, the legality of the object is crucial for a contract to be recognized as valid.