What must be present in a contract for it to be deemed legally binding?

For a contract to be deemed legally binding, mutual consent is essential. Mutual consent, often referred to as "meeting of the minds," occurs when all parties involved agree to the terms and conditions stipulated in the contract. This consensus ensures that everyone involved understands and accepts their obligations, rights, and the contract's implications.

While a written agreement can provide clarity and serve as a physical record, a contract can be valid even if it's verbal, as long as the involved parties have reached an agreement. Likewise, approved documentation and witness signatures, while they can enhance the verifiability and enforceability of a contract, are not strictly necessary for it to be considered legally binding. The crux of a legally enforceable contract lies in the mutual consent of the parties involved, ensuring all parties willingly participate and agree to the terms.