What aspect of contracts defines their enforceability?

The enforceability of contracts is fundamentally tied to the presence of legal consideration. This refers to the concept that something of value must be exchanged between the parties to the contract. Legal consideration can take many forms, such as money, services, or goods, and it is a key element that validates a contract, ensuring that all parties are committed to fulfilling their obligations.

If no legal consideration exists, a contract could be deemed unenforceable because it lacks a fundamental requirement that makes the agreement binding in the eyes of the law. This means that even if the parties have mutual consent or intend to create a binding agreement, without legal consideration, the contract may not hold up if challenged.

The other options, while important components of a contract, do not singularly define enforceability. The intent of the parties reflects their understanding and position regarding the contract but does not ensure that the contract is enforceable. Mutual consent signifies that both parties agree to the terms, yet without legal consideration, this agreement lacks binding power. Judicial review pertains to how courts assess and enforce contracts but is not a foundational aspect in determining whether the contract itself is enforceable from the outset. Therefore, legal consideration stands out as the defining factor for enforceability in contracts.