What are the essential elements of a valid real estate contract?

A valid real estate contract requires five essential elements: competent parties who are of legal age and sound mind, mutual consent through offer and acceptance, lawful objective meaning the purpose is legal, consideration which is something of value exchanged by each party, and compliance with the statute of frauds which requires real estate contracts to be in writing and signed. If any element is missing, the contract may be void or voidable depending on which element is lacking.