16.020 Contracts; Essentials

16.020 Contracts; Essentials To constitute a lawful contract, there must be parties able to contract, a consideration for the contract, the agreement of the parties to the terms of the contract, and a lawful subject matter. O.C.G.A. §13-3-1 A consideration is valid if any person who promised is entitled to a benefit or any harm is done to one who receives the promise. (Considerations are distinguished as good and valuable. A good consideration is founded on natural duty and affection or on a strong moral obligation. A valuable consideration is founded on money or something convertible into money or has a value in money. Marriage is also a valuable consideration.) O.C.G.A. §§13-3-41, 13-3-42 (See O.C.G.A. §13-3-44, Promissory Estoppel.)