Which two essential components must be present to have a valid contract?

To establish a valid contract, the presence of an offer and acceptance is fundamental. An offer represents a proposal made by one party to enter into a legally binding agreement, detailing the terms under which they are willing to contract. Acceptance occurs when the other party agrees to the terms of the offer without modification, thereby indicating their willingness to engage in the contract.

This sequence creates mutual assent—the foundational element of any contract—where both parties understand and agree to the obligations and benefits involved. Without both an offer and acceptance, there can be no enforceable contract, as there would be no agreement or meeting of the minds between the parties involved.

In the context of other options, while consideration and capacity are also important for a contract to be valid, they are not the sole components; they complement the necessity of offer and acceptance. Similarly, having a legal purpose and written form contributes to the legality and clarity of the contract but does not replace the fundamental requirement of mutual agreement established through an offer and acceptance.