What are the core elements that must be present for a contract to be legally valid?

A legally valid contract requires several key elements to ensure that it is enforceable in a court of law. The presence of legal capacity ensures that all parties involved have the ability to enter into a contract, meaning they are of legal age and mentally competent. The elements of offer and acceptance establish that one party has proposed terms and the other has agreed to those terms, forming the basis of mutual consent.

Consideration is another crucial component; it refers to something of value that is exchanged between the parties, which could be money, services, or goods. Clear terms are essential to define the obligations of each party, ensuring that all parties understand their rights and responsibilities. Finally, the legality of the contract's purpose ensures that the contract does not involve illegal activities or violate public policy.

The combination of these elements—legal capacity, offer, acceptance, consideration, clear terms, and legality—provides a comprehensive framework that supports the enforceability of contracts. This is what makes option B the correct answer, as it encompasses all necessary factors for a contract to be considered legally valid.