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A contract is an oral or written agreement to perform or refrain from a specific action. The four essentials of a valid contract are capable parties, lawful object, consideration, and offer and acceptance. A capable party must have the legal capacity to contract, which typically requires being at least 18 years old and of sound mind. Other competent individuals include those authorized to contract on behalf of a corporation, those with power of attorney, and emancipated minors. An emancipated minor is someone under 18 who has gained independence from their parents, achieved through military service, marriage, or court action. Finally, a contract must have a legal purpose; for instance, agreements for illegal activities, like a contract to kill, are invalid.