Which of the following best describes a valid contract?

A valid contract is one that meets all legal requirements necessary for it to be enforceable in a court of law. This means that the contract must have elements such as offer, acceptance, consideration (something of value exchanged), mutual consent, and legal purpose. When a contract fulfills these criteria, it is recognized by the legal system and can be upheld in case of a dispute.

In contrast, a contract that lacks legal standing would not have enforceability and therefore wouldn't be considered valid. Additionally, if a contract does not meet legal requirements, it is also not valid, as it fails to fulfill the necessary conditions that give it power and legitimacy. Finally, while a written agreement can sometimes constitute a valid contract, not all written agreements are legally binding unless they also adhere to the stipulated legal criteria.