(Insert quote p 305). Consideration refers to the good or service obtained agreed to by each party under a contract. Contractual capacity is the legal capacity to enter into a binding agreement. Some factors that affect contractual capacity are: age, mental health and alcohol poisoning agreements. Last but not least, there is legal purpose, which means that for a contract to be enforceable, it must have legal intent and be consistent with public policy. If all of these factors are present in a contract, we can conclude that a binding contractual agreement exists and is enforceable by law. If the elements of a contract existed between these parties, there could still be possible reasons why a contract might not be valid based on facts not present in the scenario. For example, if Sam was a minor at the time he entered into the agreement with the chain store, the contract would not be valid due to his contractual capacity. According to the law, a contract concluded by a minor is voidable by the minor himself. Other reasons that could invalidate a contract are lack of genuine consent, meaning the accepting party entered into the agreement under fraudulent circumstances, under duress, under undue influence and/or under misrepresentation. Furthermore, the validity of the contract could be hampered due to a lack of form. This generally refers to