Which of the following must be present for a contract to be considered valid?

For a contract to be deemed valid, it is essential that there is reality of consent between the parties involved. This refers to the mutual agreement and understanding of the terms of the contract, ensuring that all parties genuinely agree to the obligations and rights outlined within it. When there is reality of consent, it implies that the parties are entering the contract freely, without coercion, undue influence, fraud, or misrepresentation. This concept protects individuals by ensuring that they are not bound by agreements that they did not fully understand or accept.

Other conditions for a contract's validity typically include elements like consideration, legal purpose, and the capacity of the parties, but reality of consent specifically focuses on the voluntary nature of the agreement. Therefore, a lack of reality of consent would render a contract unenforceable, as it calls into question the authenticity of the agreement between the parties.