What is required for a contract to be legally binding in Texas?

For a contract to be legally binding in Texas, it must consist of four essential elements: offer, acceptance, consideration, and mutual assent. An offer is a clear proposal made by one party to another, indicating a willingness to enter into a contract. Acceptance occurs when the other party agrees to the terms of the offer, demonstrating mutual agreement. Consideration refers to something of value that is exchanged between the parties, which is crucial for establishing the contract's enforceability. Mutual assent is the mutual agreement and understanding between the parties involved, often demonstrated through their actions and words.

These elements create the framework that allows contracts to be enforced by law in Texas, ensuring that both parties have a clear understanding of their obligations and benefits under the agreement. Other options like requiring a third party's consent or notarization do not form part of the basic requirements for a contract's enforceability, although they may be relevant in specific situations or types of agreements.