What is typically needed for a contract to be enforceable?

For a contract to be enforceable, mutual consent and consideration are fundamental elements. Mutual consent refers to the agreement of both parties involved in the contract, indicating that they have a meeting of the minds regarding the terms and conditions. This ensures that both parties understand and agree to what is being proposed, which is essential for the validity of the contract.

Consideration refers to something of value exchanged between the parties. This can be in the form of money, goods, services, or a promise to perform a certain act. Without consideration, a contract may be deemed as a gift rather than a legally enforceable agreement, as there would be no incentive or obligation for one party to fulfill the terms.

In contrast, while notarization and witness signatures can add a layer of authenticity or evidence to a contract, they are not strictly required for a contract to be legally binding; they can serve additional purposes but do not deal with the core components of a contract. Payment in cash might be one way to fulfill the consideration, but it is not the only method, as other forms of consideration are acceptable.