A contract must involve which of the following elements to be enforceable?

For a contract to be enforceable, it is essential that there is consideration between the parties involved. Consideration refers to something of value that is exchanged as part of the agreement, which can be money, services, or even a promise to refrain from a particular action. This element is crucial because it signifies that both parties are entering the contract with the intention of creating a mutual obligation.

Without consideration, a contract lacks the foundation necessary for enforceability, as it indicates that there is no give-and-take between the parties. Essentially, consideration is what distinguishes a legally binding agreement from a mere promise or informal understanding.

In contrast, while a written agreement may strengthen enforceability and provide clarity in the terms agreed upon, not all contracts must be in writing to be valid; for instance, verbal agreements can be enforceable in certain situations. Witness signatures, while useful for proving the authenticity of a contract, are not a requirement for enforceability in most cases. Similarly, oral promises are also not enough on their own, as they lack the consideration element necessitated for a contract to be binding.