Contract validity refers to the legal enforceability of a contract, meaning that the agreement is recognized by law. For a contract to be valid, it must meet certain criteria, including mutual consent, a lawful object, and consideration. This ensures that all parties involved understand and agree to the terms, and that the contract serves a legal purpose. Additionally, the parties entering into the contract must have the legal capacity to do so. This means they should be of legal age and mentally competent. If any of these conditions are not met, the contract may be deemed void or voidable, affecting its validity in a legal context.