What legal requirement must a contract meet to be considered binding?

For a contract to be considered binding, it must comply with statutory regulations and be enforceable. This means that the contract must adhere to laws governing contracts, which can include elements such as mutual consent, legal consideration, lawful purpose, and the capacity of the parties involved. If these legal requirements are not met, the contract may be deemed void or unenforceable, regardless of whether it is written, signed, notarized, or witnessed.

A written and signed contract adds an element of credibility and can help in proving the terms agreed upon, but it is not the sole condition for a contract to be legally binding. Filing a contract with the court is not a requirement for enforceability in most cases, as many contracts are valid even if they are not filed. While witnessing and notarization may provide additional verification and can be required for certain types of documents (like wills), they are not universal requirements for all contracts. Therefore, focusing on statutory compliance ensures that the contract meets all necessary legal criteria to be recognized by the courts.