What are the essential elements required for a valid real estate contract?

ESSENTIAL ELEMENTS OF A VALID CONTRACT: (1) OFFER AND ACCEPTANCE (mutual assent / 'meeting of the minds'); (2) CONSIDERATION (something of value exchanged); (3) LEGAL CAPACITY (parties must be of legal age and sound mind); (4) LEGAL PURPOSE (the contract's objective must be lawful); (5) For real estate — IN WRITING (the Statute of Frauds requires contracts for the sale of real estate, and leases over one year, to be in writing to be enforceable); STATUTE OF FRAUDS: A law requiring certain contracts (including real estate transfers) to be written and signed; CONTRACT VALIDITY TERMS: Valid (legally binding and enforceable); Void (no legal effect, e.g., illegal purpose); Voidable (one party can cancel, e.g., signed by a minor or under duress); Unenforceable (valid but cannot be enforced in court, e.g., a verbal real estate sale agreement); these contract fundamentals are core national exam content.