What constitutes a lawful contract in Mississippi?

A lawful contract in Mississippi requires an agreement between competent parties that includes consideration. Competent parties are individuals who possess the legal ability to enter into a contract, meaning they are of legal age and sound mind. Consideration refers to something of value that is exchanged between the parties, which is essential for a contract to be enforceable. This foundational principle ensures that both parties have agreed to the terms and that there is a reciprocal exchange that legitimizes the agreement.

In contrast, agreements with illegal intent cannot form a valid contract, as the purpose of the agreement violates the law. Verbal agreements may or may not be enforceable depending on the nature of the agreement, as certain types of contracts must be written, such as real estate contracts or agreements that cannot be completed within one year. Furthermore, agreements made under duress are not considered valid contracts because they lack the voluntary consent of one of the parties involved. Thus, the characteristics outlined in the chosen statement emphasize the essential components needed for a lawful contract in Mississippi.