Which of the following is a requirement for forming a valid contract?

A valid contract requires that there must be consideration exchanged between the parties. Consideration refers to something of value that is exchanged between the parties involved in the contract. This can be in the form of money, services, goods, or a promise to do something or refrain from doing something. The requirement of consideration ensures that each party has a stake in the agreement and that the contract is not merely a gift or a promise made without reciprocal exchange.

While there are instances where contracts can be valid without being in writing, having a written contract is not an absolute requirement for all types of agreements, especially for verbal contracts in many jurisdictions. Furthermore, the presence of all parties at the signing is not required for the validity of a contract, as agreements can be formed through mutual assent, even without being in the same location. Additionally, a verbal agreement may suffice in many cases, though proving the terms may pose challenges later on. Thus, consideration is a fundamental element that must be present for a contract to be legally enforceable.