According to Utah law, what constitutes a valid contract?

A valid contract under Utah law requires several essential elements, one of which is the presence of an offer and acceptance. This forms the basis of mutual agreement between the parties involved. In addition to that, consideration is necessary; this means that something of value must be exchanged between the parties. This could be money, services, or a promise to do (or not do) something.

Moreover, there must be a mutual intent to be bound by the terms of the agreement. This indicates that both parties understand the contract's implications and are willing to enter into it. These elements together ensure that the agreement is enforceable in a court of law.

Other options do not fully encompass the necessary components of a valid contract. For example, mere admiration or a written agreement alone do not satisfy the requirements of consideration or mutual intent to be bound. Similarly, while having witnesses might add credibility to an agreement, it is not a fundamental aspect of contract validity under Utah law. Thus, the correct answer encapsulates the comprehensive criteria needed for a contract to be considered valid in this jurisdiction.